Some MF Global claimants may be due a top-up compensation payment from the Financial Services Compensation Scheme (FSCS) following a High Court ruling.
A notice posted on the organisation's website yesterday said following a High Court application in October 2012 made by MF Global's administrator KPMG - relating to a ‘hindsight application' - some investors could be in line for additional payments. The court ruled that the ‘hindsight principle' was not applicable for the determination of claims to client money for the purposes of distribution. Therefore, it said, for KPMG distribution purposes, clients' losses shall be calculated as at 31 October 2011 (the date of administration). The FSCS said: "We will be liaising with the special ...
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