J.P. Morgan Says Hedge Funds Using ‘Pocket Veto’ to Halt MF Global Suit

J.P. Morgan Chase & Co. (JPM) says a group of hedge funds is trying to use a “pocket veto” to derail the bank’s bid to recover $928 million it lent to MF Global Holdings Ltd. just before the firm’s 2011 collapse. In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, J.P. Morgan said the hedge funds, which filed a payback plan that MF Global (MFGLQ) creditors are currently voting on, are attempting to deny creditors of the financing subsidiary information about what their claims should be worth. More on Fox Business News here.

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