In November, U.S. Bankruptcy Judge Martin Glenn in Manhattan approved a plan to fully repay MF Global customers, including with money once earmarked for unsecured creditors who were not customers.
"Checks are going in the mail that will make all public customers of MF Global 100 percent whole," said Giddens, a Hughes, Hubbard & Reed partner who leads that firm's corporate reorganization and bankruptcy group, in a statement.
Some of the money going to former customers has come from settlements with onetime MF Global counterparties JPMorgan Chase and CME Group. Additional funds may be received from a British unit, MF Global UK, Giddens said.
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Giddens added that 24,020 former U.S. commodities futures and options customers would recover $5.4 billion.
He said another $880 million would go to 2,047 former foreign commodities futures and options customers, and $376 million would be returned to 428 former securities customers.
MF Global collapsed amid worries about a $6.3 billion bet by Corzine on European sovereign debt and that money from customer accounts had been used to cover liquidity shortfalls.
Corzine and other former MF Global officials remain subject to other lawsuits by investors, customers and regulators.
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