JPMorgan to transfer $500 million to MF Global customers

Former customers of MF Global will breathe a sigh of relief today. The Financial Times reports the defunct brokerage and JPMorgan Chase, which was one of the company’s trustee banks, have reached an agreement that will see the banking giant transfer $500 million to MF Global customers.

“Under the terms of the deal, announced late on Tuesday, JPMorgan will pay $100m to MF Global’s former clients. Customers will receive another $417m after MF Global’s court-appointed bankruptcy trustee and JPMorgan release funds that were held pending the agreement. The bank will also return $29m related to an MF Global credit facility,” the report notes.

Read more here.

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