Photo: Lisa Du/Business Insider
James Giddens – the trustee in charge of unwinding MF Global’s U.S. operations and returning frozen customer assets – has received $168 million in cash from JP Morgan to return to former clients who have still not been made full, according to a press release obtained by Business Insider.The money represents “excess collateral that JPM held at the commencement of MFGI’s liquidation,” according to the release.
Although the money is not part of the $1.6 billion that is still missing from customers’ frozen accounts, the trustee plans to return the money to former MF Global clients, according to DealBook.
Here’s the release:
Photo: Business Insider
Business Insider Emails & Alerts
Site highlights each day to your inbox.