MF Global judge OKs payout of up to $685 million

Reuters News
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Posted: Apr 24, 2012 3:38 PM

(Reuters) - A federal judge on Tuesday authorized the trustee liquidating MF Global Holdings Inc's brokerage unit to distribute as much as $685 million to customers whose accounts had been frozen when the futures brokerage went bankrupt.

The payout authorized by U.S. Bankruptcy Judge Martin Glenn in Manhattan includes as much as $600 million to be paid to U.S. exchange customers.

It also includes as much as $50 million to go to customers who traded on non-U.S. exchanges, and up to $35 million to customers who held physical property such as gold bars.

(Reporting By Jonathan Stempel in New York; Editing by Gary Hill)