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J.P. Morgan has returned some $600 million to the MF Global Trustee, the Wall Street Journal’s Aaron Lucchetti reports. Sources tell the Journal that the claims have not been made public because of other litigation possible against the bank.
MF Global customers lost some $1.6 billion when the trading giant went under.
The news follows headlines out of the U.K. on Friday, where an English Court set the start of legal proceedings on April 9, 2013.
The suit in the U.K. deals with the Joint Special Administrators on proper segregation of funds under English law.
“The Trustee believes it is crucial that this intellectual dispute over how property was or should have been handled be urgently resolved so that the affected customers can receive back the property that is owed to them,” James Giddens, the MF Global Trustee, said. “The Trustee and his counsel will work diligently and expeditiously toward resolution of this litigation.”
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