MF Global: High Court approves client money distribution process

The application was made by the administrators of MF Global UK to address the fact that there is no such distribution procedure in the Financial Conduct Authority's client money rules, nor is there one in The Investment Bank Special Administration Rules. The absence of such a procedure meant that the administrators had to make substantial reserves for claims they considered to be invalid, and for unknown claims. The administrators and an external legal team drafted a unique client money distribution procedure, which will now enable the administrators and MF Global UK UK to distribute ...