MF Global Trustee Dealt Blow in UK Repo Fight

Law360, New York (November 1, 2012, 10:31 PM EDT) -- A U.K. trial court judge on Thursday ruled MF Global Inc.'s U.K. subsidiary is entitled to calculate what it owes its parent to settle internal repurchase agreements on the broker-dealer's disastrous European sovereign debt purchases, in a setback for the American company's bid to recoup about £286 million ($461 million). 

U.K. High Court Judge Richard Williams ruled MF Global U.K. is the nondefaulting party under the global master repurchase agreement governing the contracts. This means its current administrator, KPMG, can calculate the sum it owes to settle the agreements, according to law firm Weil Gotshal & Manges LLP, who helped represent...

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