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    Corzine Loses Bid for Dismissal of CFTC’s MF Global Suit

    Jon Corzine lost his bid for dismissal of the U.S. Commodity Futures Trade Commission’s lawsuit over the 2011 collapse of MF Global Holdings Ltd. The requests of Corzine and former MF Global Assistant Treasurer Edith O’Brien to throw out the case are “without merit,” U.S. District Judge Victor Marrero said in a ruling filed Jan. 17 in Manhattan federal court. More on Bloomberg here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Making scam victims whole

    Sen. Chuck Schumer says a bill he’s pushing could benefit victims of the disgraced Albany brokerage McGinn, Smith & Co. by granting the federal Securities and Exchange Commission greater latitude to refer the case to a fund set up to provide restitution in the wake of financial wrongdoing. The Securities Investor Protection Corp. can act [...]

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    Insurance for Futures Seen Feasible After MF Global’s Collapse

    Insurance against losses for U.S. futures customers may be feasible, according to a study commissioned after MF Global Holdings Ltd. and Peregrine Financial Group Inc. collapsed. The study, commissioned by CME Group Inc., the Futures Industry Association, the Institute for Financial Markets and the National Futures Association, surveyed private insurance companies to gauge their interest [...]

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    Corzine, banks fail to win dismissal of MF Global lawsuit

    A federal judge on Tuesday rejected a bid by former MF Global Holdings Ltd chief executive Jon Corzine to dismiss investor litigation seeking to hold him, other executives and many banks responsible for the futures brokerage’s rapid collapse. In a sometimes acerbic decision that likened MF Global’s demise to a “massive train wreck,” U.S. District Judge Victor Marrero in Manhattan rejected the defendants’ contention that the company’s October 31, 2011, bankruptcy was beyond their control, and not the product of securities fraud. More on Reuters here.

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    CME Will Speed Repayment to MF Global Customers

    CME Group Inc. plans to hand over to futures traders half the money CME is owed by MF Global Inc., helping repay the failed brokerage’s former customers more quickly. CME’s move came a day after a New York bankruptcy court judge approved a plan for MF Global’s brokerage to pay back 100% of the money owed to its U.S. and overseas commodity customers, just over two years after the firm’s collapse.
    More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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