CFTC Commissioner Blasts MF Global Repayment Plan

Law360, New York (November 16, 2011, 2:09 PM EST) -- 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, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.