New York judge approved a settlement at MF Global and JP Morgan Chase, which could clear the way for former customers of MF Global failed to get more money back.
Initially released in March settlement on Wednesday approved a large extent a mere formality. Earlier, the court has said that a settlement would be worth approximately $ 546 million: the JP Morgan will pay for reimbursement of customers, but also will give up claims on other funds.
MF Global is a boutique brokerage headed by former New Jersey Gov. Jon Corzine collapsed in 2011 after a disastrous bet on European countries' debt. When it dropped by about $ 120 million in customer funds was discovered missing, was later found to have been used to support the company's trading business.
JPMorgan held MF Global funds in several accounts, but also deal with the company's securities industry.
Supervision MF Global bankruptcy, court-appointed trustee James Giddens said in a statement that he was "very pleased approval."
Last week, federal regulators sued Corzine, who also once represented New Jersey in the U.S. Senate, while MF Global's CEO claimed that he was responsible for the misuse of client funds. Civil lawsuit brought by the Commodity Futures Trading Commission is a company still working through the courts, are some of the relevant legal procedures.
Giddens also joined MF Global's clients Corzine and other senior management personnel proceedings.
MF Global, the company's clients and creditors have received their request, will pay a fine of $ 1 million U.S. dollars, agreed to act as a separate settlement also announced last week.
Nearly 90 percent belong to the company's U.S. clients' money was recovered. Many farmers, ranchers and business owners to use futures contracts through MF Global to hedge its exposure to fluctuations in the price of crops. Futures contracts allow other groups of the price at some point in the future to buy or sell something - corn, say, or gold - it was agreed.
The company's $ 4.1 billion worth of bankruptcy is the eighth largest in U.S. history.
 



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