JPMorgan Coughed Up $168M For MF Global

A trustee for brokerage MF Global Inc. said JPMorgan Chase returned $168 million in cash and that he’s still discussing his other claims with the bank, Bloomberg people report..

The $168 million is the proceeds of excess collateral that JPMorgan held at the beginning of the brokerage’s liquidation, said the trustee, James Giddens, in a statement today. The bank has kept an interest in the sum, so that if any of its allegedly secured claims against MF Global become unsecured, it can make a claim to recover the $168 million, Giddens said.

 “The Trustee believes that this recovery will assist him in his primary duty of recovering property for the benefit of MFGI customers,” Giddens said in the statement….

Read all about it at http://www.bloomberg.com/news/2012-05-18/mf-global-trustee-seeks-to-get-700-million-in-u-k-suit.html