JP Morgan Settlement With MF Global Trustee Resolved
US Bankruptcy Judge Martin Glenn and US District Judge Victor Marrero finally approved the settlement deal for JP Morgan Chase & Co.
Marrero stated, "I find the proposal fair, reasonable and in the best interests of the class."
The class action was filed by commodities brokerage MF Global.
The settlement, which was announced March of this year, was for the resolutions of claims levied by James Giddens, the trustee for MF's broker-dealer unit, MF Global Inc and that of the broker's former customer, who filed the federal class action over the collapse of MF Global in 2011.
Upon the approval of the settlement, Giddens will now be able to return 100% of the customer's money, which were frozen when MF Global filed for bankruptcy.
MF Global Inc, headed by former New Jersey Governor Jon Corzine filed for bankruptcy in 2001 amid the concerns of its investors regarding its exposure to a US$6.3 billion sovereign debt.