Daily News: July 29, 2013

MF Global, JPMorgan Unit Reach Recovery Settlement

Bloomberg reported that MF Global reached a settlement giving it a share of JPMorgan Chase’s recovery on a $60 million claim against the holding company’s brokerage.

Bloomberg said under a prior settlement with the brokerage, MF Global, JPMorgan agreed to hand over $100 million in customer property and in return received the $60 million unsecured claim. As part of a new settlement, JPMorgan will give a percentage of its recovery on the claim to the holding company, citing to court papers filed July 24.

To read the entire Bloomberg story, click here.

Previously on abfjournal: Reuters: Judges OK JPMorgan Settlement With MF Global Trustee, July 8, 2013