A trustee for failed brokerage MF Global Inc. (MFGLQ) has begun litigation in the U.K. that aimed at recovering $700 million in customer funds, according to a statement. The trustee, James Giddens, said in April that he had been working since November to return the money and filed a claim with the administrators overseeing the company’s MF Global UK Ltd. unit. According to today’s statement, an application for direction, which begins the legal process, has been filed with the English court. Read Bloomberg report here.
