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MF Global trustee announces settlement deals key to cash payouts

Dec 24 2012 Patrick Temple-West, Reuters

The trustee for the failed MF Global Inc on Saturday announced two key agreements that are expected to accelerate cash payouts to clients and creditors of the failed futures brokerage. James Giddens, trustee for the MF Global estate, said in a statement he has negotiated deals to resolve disputes with the company's former British affiliate and the parent company, MF Global Holdings Ltd. As a result of the UK agreement, Giddens estimated between$500 million and $600 million could be returned to the MF Global estate if the deal is finalized. Giddens, whose job is to recover as much money as possible for customers, has returned about 80 percent of the money in customer trading accounts. Giddens said claims by MF Global's securities customers could be fully restored. Commodities customers could get "significant additional distributions," he said. The estate has a hearing scheduled for Jan. 31, 2013 before the United States Bankruptcy Court for the Southern District of New York,

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