WASHINGTON (Reuters) - A U.S. futures regulator said he was keen to see his agency hire its own attorney in Britain to help recover customer funds lost during MF Global's chaotic final days.
Bart Chilton, a member of the U.S. Commodity Futures Trading Commission, told Reuters he wondered whether attorneys hired in Britain, by a trustee liquidating the failed commodities brokerage, would effectively represent futures customers.
"I believe we need to have our own counsel in the UK," Chilton said. "I'm no longer convinced that our interests are aligned, and out of an abundance of caution and concern that we are doing all that we can to protect customers' money, I think we should have our own UK counsel."
James Giddens, the court-appointed trustee, estimates that MF Global clients have lost as much as $1.6 billion in funds, some of which is tied up in the United Kingdom.
Giddens is preparing for trial next year in Britain against KPMG, MF Global's European
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