☰

M. Continuo

MF Global trustee, CME reach $130 million pact


    WASHINGTON (Reuters) - James Giddens, the trustee liquidating MF Global's broker-dealer unit, said on Thursday he has reached an agreement for CME Group to return $130 million to former commodity customers of the failed brokerage.

    The accord must be reviewed by the bankruptcy court and will only be implemented after approval, Giddens said in a statement.

    "In total, the agreement provides for the disposition of over $175 million in MFGI property currently held or controlled by CME Group," the statement said.

    The $130 million will be split between customers trading on domestic and foreign exchanges, he said.

    CME did not immediately respond to a request for comment.

    Last week, Giddens said he was in negotiations to recover $175 million controlled by CME, which was MF Global's primary regulator.

    A hearing on the agreement is scheduled for July 11.

    (Reporting by Aruna Viswanatha. Editing by Bernadette Baum)