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KPMG has more than half of the $4 billion of claims on MF Global UK

Nov 29 2012 Luke Jeffs, Reuters

MF Global UK's administrator KPMG has recovered more than $2.5 billion of the $4 billion of claims it expects from the defunct broker's British clients and creditors. KPMG said in an emailed statement that it has recovered $1.6 billion for general creditors' claims against the broker and $923 million for clients. "We have seen some substantial progress made since our last progress report six months ago," said KPMG's Richard Heis, who pointed out that the sum recovered for general claims had doubled over the past six months. The administrator expects $3.9 billion of claims in total, $900 million of which have already been agreed by KPMG. The firm has so far returned $180 million to clients, up from only $92 million six months ago, it said in Thursday's scheduled update. KPMG was appointed administrator to the British arm of MF Global immediately after the U.S. futures broker collapsed on October 31 last year because investors were spooked by its exposure to European sovereign debt.

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