CFTC Commissioner Blasts MF Global Repayment Plan

Law360, New York (November 16, 2011, 2:09 PM ET) -- A U.S. Commodity Futures Trading Commission member said Wednesday that customers of collapsed brokerage MF Global Inc. should get their money back sooner than proposed by the bankruptcy trustee liquidating the failed firm.

Scott D. O'Malia, a Republican CFTC commissioner, said the lengthy delay in returning customer funds, plus MF Global's egregious misplacement of some $600 million in client cash, eroded confidence in the futures market. So it is necessary for his agency to act now to make customers whole, according to O'Malia.

"The inability of...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers