MF Global Dishes Out 75K Customer Claim Notices

Jack Humphrey, Regulatory journalist
December 09, 2011 /

MF Global trustees have published a detailed notice to customers and creditors of the placement of MF Global Inc. in liquidation under the Securities Investor Protection Act (SIPA) in the Wall Street Journal, the New York Times, the Financial Times, and the Chicago Tribune. The published notice provides information regarding the claims process, including instructions on how, where and by when to file a claim.

Stephen Harbeck, president of the Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, and James W. Giddens, the court-appointed trustee for the liquidation of MF Global Inc., made the following joint statement: “On November 22, 2011, U.S. Bankruptcy Judge Martin Glenn approved the Trustee’s request for approval of a claims process for former customers of MF Global Inc.

“The Trustee is now establishing separate, parallel customer claims processes: one for MF Global Inc.’s commodity future customers, and the other for its securities customers, as well as an additional claims process for MF Global Inc.’s general creditors.

“The Trustee mailed approximately 75,000 paper forms to former customers and creditors of MF Global Inc. on or before Friday, December 2, 2011. In addition, to assist in the prompt processing of claims, claim forms and related claims information are available for downloading on the trustee’s Web site (http://www.mfglobaltrustee.com) and on the SIPC Web site (http://www.sipc.org).

“Completed forms may be mailed to the Trustee at the address included in the instruction packet. To submit your claim electronically, please email your completed claim form and supporting documents to MFGlobalClaims@epiqsystems.com.

“Securities customers with MF Global are eligible for the protection afforded under SIPA. In line with SIPC and the Trustee’s goal to return securities and cash due to customers as promptly as practicable, funds of the Securities Investor Protection Corporation may be utilized to pay valid securities customer claims relating to securities and cash up to a maximum amount of $500,000.00 for each customer, including up to $250,000.00 for claims for cash, as provided in the Securities Investor Protection Act of 1970.

“Claims will be reviewed promptly, and the Trustee’s staff will communicate directly with claimants regarding questions related to their claims. Court approval of the claims process supports the Trustee’s goal of returning as much customer property as possible, as quickly as possible, in a manner that is fair to all customers, and consistent with the law.

“The trustee and his staff will review and determine all claims seeking customer protection in accordance with SIPA. Claimants are requested to provide complete information and documentation relating to their claim, including proof of payments made to MF Global Inc. and received from MF Global Inc., as this may help to expedite the processing of the claim.

“The trustee is proceeding as expeditiously as possible to address the claims of all of the customers of MF Global Inc. in a timely manner.”

 

Share your opinion