Reuters reports that thousands of former MF Global Holdings Ltd (MFGLQ.PK) customers may soon recover $520 million of cash held in their accounts even as the bankrupt brokerage lays off more workers.
In other developments on Wednesday, a U.S. futures regulator called for robust oversight to limit the potential for another collapse and authorities appeared no closer to finding millions of dollars in missing customer money.
A bankruptcy judge today will consider a request by James Giddens, the trustee supervising the liquidation of the MF Global Inc broker-dealer unit, to release $520 million to between 15,000 and 21,000 commodities customers who held only cash in their accounts. The amount represents 60 percent of the $869 million of cash that had been frozen, Giddens said in papers filed late Tuesday in U.S. bankruptcy court in Manhattan. A transfer could be made "within days" of court approval, Giddens said.
Find out more at http://www.reuters.com/article/2011/11/16/us-mfglobal-idUSTRE7AF0BH20111116
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