MF Trustee Disputes $700 Million With U.K. Affiliate

The trustee for the MF Global Inc. brokerage said he’s disputing as much as $700 million in customer assets with the administrators of a U.K. affiliate.
Trustee James Giddens, who has said he’s trying to retrieve U.S. commodity customers’ assets from foreign affiliates, told the administrators the funds were held for customers’ foreign trades and should be returned, he said in a statement today. The administrators said the assets didn’t fit the classification of segregated funds under U.K. law, he said.
Read more in Bloomberg Businessweek here.