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Judge OKs $520 million payout to MF Global customers

17/11/2011 - 18:34
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NEW YORK (Reuters) - The trustee liquidating MF Global Holdings Ltd's broker-dealer unit won court permission to distribute $520 million of cash, providing relief to customers whose accounts have been frozen since the futures brokerage went bankrupt.

The payout represents 60 percent of the $869 million that has been frozen across commodity customer accounts that contained only cash, the trustee James Giddens has said.

Some 22,000 customers will be entitled to share in the payout. Giddens has said he expects to make the payout by November 21.

(Reporting by Nick Brown and Jonathan Stempel in New York; Writing by Jonathan Stempel)

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