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    Judge Approves Second Payout to MF Global Creditors

    NEW YORK—A judge Wednesday said MF Global Inc. could distribute more than $480 million to unsecured creditors of the collapsed brokerage, bringing their recoveries to about 74% of what they are owed. “The results to date in these cases have certainly surprised me,” Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan said. “Enormous progress has been made.” Creditors should begin receiving the money 14 days after the judge signs the order. These creditors will have received nearly $1 billion after the payout, an outcome many considered unthinkable when the brokerage’s parent imploded into bankruptcy in the fall of 2011. More in the Wall Street Journal here.

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    MF Global Trustee Seeks Court Permission to Repay Creditors

    MF Global Inc. wants court approval to pay $461 million owed to its creditors, the second such payment now that it has paid back most of its customers. In a Wednesday filing with the U.S. Bankruptcy Court in New York, trustee James W. Giddens said he wanted to distribute the cash to unsecured creditors, who have already received $518.7 million. The latest distribution would bring unsecured creditors’ payout to 72% of what Mr. Giddens has agreed to pay. MF Global’s brokerage and commodity customers have already received 100% of the $6.7 billion they were owed. More in the Wall Street Journal here.

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    MF Global Payout Approved for Unsecured Creditors

    NEW YORK—A judge on Wednesday approved a payout to MF Global’s unsecured creditors, who have waited nearly three years as customers of the collapsed brokerage already had their money returned. Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan said James W. Giddens, the trustee in charge of winding down the brokerage, could pay the unsecured creditors about $295 million. A lawyer for Mr. Giddens said distributions to the unsecured creditors could begin as soon as the order is final. He also said settlements of unresolved claims could soon result in “very substantial” creditor distributions beyond the one approved Wednesday. More in the Wall Street Journal here.

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    Judge Holds Off Approving MF Global Payment to Creditors

    NEW YORK—MF Global’s creditors, who have waited nearly three years to get paid, will have to wait a little longer after a bankruptcy judge Monday held off approving its bid to repay them $295 million. Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan was uncomfortable with one part of the proposal: MF Global’s request to estimate certain unresolved claims at zero dollars. The judge said he was “not happy” that he didn’t have enough information on some of the claims. “I think I’d like to know what the claim is before I estimate it at zero,” Judge Glenn said, his voice raised. More in the Wall Street Journal here.

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    PwC must face $1 billion lawsuit over MF Global advice

    A federal judge on Wednesday ordered PricewaterhouseCoopers to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage run by former New Jersey Governor Jon Corzine. U.S. District Judge Victor Marrero in Manhattan said PwC’s [PWC.UL] advice on “repurchase-to-maturity” transactions through which Corzine bought $6.3 billion of European sovereign debt affected how MF Global implemented its strategy and in turn contributed to its alleged losses. More on Reuters here.

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