CME Group to return $130 million in MF Global funds
BY DAVID ROEDER Business Reporter Droeder@suntimes.com June 14, 2012 9:54AM
Updated: July 16, 2012 6:23AM
The trustee overseeing the liquidation of bankrupt trading firm MF Global Inc. said Thursday he has reached agreement with the Chicago futures markets to return $130 million in customer funds.
CME Group Inc., owner of the Chicago Mercantile Exchange and the Chicago Board of Trade, retained the funds after MF Global failed last October and an estimated $1.6 billion in customer money was found missing. Much of that has since been returned as the bankruptcy trustee has unwound the firm’s dealings.
The trustee, James Giddens, said the $130 million will be distributed equally to customers who traded on domestic and foreign exchanges.
CME will retain $16.5 million in cash for claims against MF Global by non-customers, according to the agreement.
Other MF Global assets it is holding includes 12,000 shares of CME Group and 35 memberships at its exchanges. The agreement calls for those assets to be turned over to Giddens and sold on an orderly basis, with the proceeds returned to customers.