JPMorgan, MF Global trustee reach agreement
JPMorgan Chase has agreed to a deal that will return $546 million to former customers of trading firm MF Global Holdings, which collapsed in 2011 with $1.6 billion missing from its accounts.
JPMorgan Chase & Co. held MF Global funds in several accounts and also processed the firm's securities trades. The New York bank will now pay $100 million to reimburse customers and will relinquish claims on $417 million that it previously returned, according to a settlement agreement filed in Manhattan bankruptcy court on Tuesday.
JPMorgan also will return over $29 million that it is holding as security on an MF Global credit line.
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