JPMorgan, MF Global trustee reach agreement - 13 WTHR Indianapolis

JPMorgan, MF Global trustee reach agreement

Posted: Updated:
NEW YORK -

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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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