MF Global Plan Backers Reach $275M Truce With JPMorgan

Law360, New York (March 5, 2013, 9:51 PM EST) -- Proponents of MF Global Holdings Ltd.’s liquidation plan and JPMorgan Chase Bank NA resolved their dispute Tuesday, striking a deal that puts $275 million in intercompany claims behind those of the bankrupt brokerage's lenders, according to Chapter 11 trustee Louis J. Freeh.

Creditors supporting the Chapter 11 plan had fought with JPMorgan, the agent for a $1.2 billion credit facility, over the debts of subsidiary MF Global Finance USA Inc., a unit the bank asserted was being held liable twice for the same unpaid loan proceeds....
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.