US futures firm MF Global Holding has been ordered to pay $1.2bn (£740m) in restitution to its customers over its collapse.
MF Global, which had a UK subsidiary, became the eighth largest bankruptcy in US history when it filed for protection in October 2011, after a $6.3bn bet on European sovereign debt prices went wrong. The US Commodity Futures Trading Commission (CFTC) obtained the $1.2bn order from a federal court, as well as an additional $100m in civil penalties, the BBC reports. About $1.6bn of client money went missing before the firm filed for bankruptcy protection. The CFTC is also still suing the former head of the firm, Jon Corzine. Corzine, a Wall Street legend at Goldman Sachs and forme...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
