MF Global's UK administrator KPMG has confirmed it may be able to double payouts to customers and make its first creditor payments after a three-way settlement was agreed.
The FT reports the trustees of the failed US futures broker's estate were in agreement with the proposed plan. The report said KPMG would increase payments to customers with segregated accounts to about 60 cents in the dollar, compared with its initial forecast of 26 cents. This will go ahead only if the agreement gets US court approval. If conditions are met, KPMG said it could also make an initial distribution of 20p in the pound to unsecured creditors, the FT reports. The paper said the plan was "also reliant on the withdrawal of a claim for $236m by MF Global Finance USA, the t...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes