Bloomberg News

MF Global U.K.’s Clients May Get Some Money Back By End of March

November 27, 2011

Nov. 28 (Bloomberg) -- MF Global U.K. Ltd.’s administrator, KPMG LLP, said it intends to return a proportion of client money locked up in the U.S. parent’s bankruptcy by the end of March.

Customers will be able to submit claims between Dec. 8 and March 30, 2012, administrators Richard Heis, Mike Pink and Richard Fleming said in a statement today.

The amount clients get back will depend on sufficient funds being retrieved from third-party institutions and the ability of the administrators to provide adequately for all possible claims over client money, KPMG said. Provided all steps are completed, clients may get some money with 14 days of the administrators approving their claim, the accounting firm said.

“Putting a timeline into place creates an important framework for the return of client assets and client money,” KPMG said. “This helps to create certainty around the number and size of claims with the intention of allowing a return of a proportion of client funds before March 30.”

--Editors: Edward Evans, Colin Keatinge.

To contact the reporter on this story: Sabine Pirone in London at spirone@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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