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Courts OK JPMorgan's settlement with MF Global

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The Associated Press | July 3, 2013 07:55 PM EST | AP


NEW YORK — New York judges approved a settlement between MF Global and JPMorgan Chase, which could clear the way for former customers of failed MF Global to get more of their money back.

The settlement was first announced in March, and its approval on Wednesday was largely a formality. Previously, the courts have said the settlement would be worth about $546 million: JPMorgan will pay to reimburse customers, and will also relinquish claims on other funds.

MF Global was the broker-dealer led by former New Jersey Gov. John Corzine that collapsed in 2011 under bad bets in Europe. When it did, more than $1 billion in customer money was discovered to be missing. JPMorgan had held MF Global funds in several accounts and also processed the firm's securities trades..