UK court approves MF Global money distribution process

Jun 12, 2013 | 12:58 PM | Claire Hack

Tags  United Kingdom High Court, MF Global, client money, Weil, Gotshal, Manges, Metal Bulletin, Claire Hack

LONDON — The United Kingdom’s High Court of Justice has approved a procedure for distributing the $1 billion of client money held by MF Global UK (MFG UK) since going into special administration in 2011, according to New York-based global law firm Weil, Gotshal & Manges.

The application was made by KPMG, which is the administrator of MFG UK, to address the fact that there is no provision for such a procedure in either the United Kingdom’s Financial Conduct Authority (FCA) client money rules or the Investment Bank Special Administration Rules (IBSAR). ....

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