Economy

Eugene

(66,273 posts)

15. MF Global Holdings to pay $100 million fine in CFTC settlement

Wed Dec 24, 2014, 09:40 PM

Dec 2014

Source: Reuters

MF Global Holdings to pay $100 million fine in CFTC settlement

BY DOUWE MIEDEMA AND KAREY VAN HALL
WASHINGTON Wed Dec 24, 2014 4:34pm EST

(Reuters) - The U.S. Commodity Futures Trading Commission said on Wednesday it had fined MF Global Holdings Ltd for wrongdoing during the collapse of the futures brokerage, but will continue its lawsuit against the firm's former chief, Jon Corzine.

A federal judge in Manhattan approved a settlement in which the company will pay a $100 million fine and be jointly responsible for returning $1.212 billion in client funds that another unit had been ordered to restitute last year.

The parties agreed on the settlement earlier this month, though terms were not disclosed at the time.

The CFTC said its litigation would continue against former MF Global Chief Executive Corzine and former Assistant Treasurer Edith O'Brien. If they do not settle, the former officials may have to defend themselves in court.

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