The New York Times
Friday, December 23, 2011 -- 10:13 AM EST
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MF Global Brokerage Trustee Seeks Funds From British Arm
The trustee liquidating MF Global's trading operations said on Friday that his office was seeking the return of more than $600 million from the failed firm's British arm, potentially setting up a cross-border fight over customer money.
he trustee, James W. Giddens, said in a statement that he has identified about $600 million to $700 million in American customer funds held at MF Global U.K. Limited. That money, he said, was held for clients who traded on foreign exchanges.
But KPMG, the court-appointed administrator for the British subsidiary, disputes that conclusion. In a press release last week, KPMG officials said they have recovered £594 million, or $931.1 million, of client funds and £201 million, or $315.1 million, of company money. The administrator plans to begin returning money to British customers "as soon as reasonably practicable."
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