MF Global Holding ordered to pay $1.2bn to customers over collapse

Pile Of Coins

US futures firm MF Global Holding has been ordered to pay $1.2bn in restitution to its customers over its collapse.

The BBC reports that the US Commodity Futures Trading Commission (CFTC) obtained the order from a federal court, as well as an additional $100m in civil penalties.

About $1.6bn of client money went missing before the firm filed for bankruptcy protection in October 2011.

The CFTC is also still suing the former head of the firm, Jon Corzine.

Corzine, a Wall Street legend at Goldman Sachs and former New Jersey governor, was charged by the CFTC with failing to properly manage the company in June, with the regulator saying at the time that he "did not act in good faith" and did not diligently supervise the collapsed broker.

Corzine has denied the allegations.

To access the complete BBC article hit the link below:

MF Global ordered to pay $1.2bn in restitution

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image: © Lisamarie Babik

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