New payout for clients of failed broker MF Global
THE administrators of the British arm of MF Global said payments to clients of the defunct brokerage will reach $31m (£19.6m) in the coming days.
KPMG said $19m will be released this week after it agreed on Friday to hand back $12m. The interim payouts will affect about 1,900 clients in total. Staff from KPMG have been criticised for the time taken to return cash but Richard Heis, joint special administrator, said he wanted to act quickly despite the fact some legal uncertainties have still to be resolved.
“Clearly in a situation where we are paying clients without having complete certainty as to the extent of claims, we must take a conservative approach to payments… but this first payment marks an important milestone.”
US broker MF Global collapsed on 31 October.