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JPMorgan's $546M Deal for Ex-MF Global Customers Gets Nod

Posted: March 29, 2013
By: David McAfee
Source: Law 360
Outcome: Settlement
Practice Areas: Commercial Litigation, Commodities and Options

A Law360 article reported that Judge Victor Marrero preliminarily approved a settlement in which JPMorgan Chase Bank N.A. agreed to free up more than $546 million to be distributed to former U.S. customers of MF Global to resolve all outstanding issues between the bank and the collapsed dealer-broker.  Berger & Montague shareholder, Merrill Davidoff, was quoted as saying, "We are very gratified by the fact that JPMorgan engaged early on with class counsel, it was a positive move on their part.  It will free up a lot of funds, not only from the money that they're contributing to the settlement, but also by the removal of liens and claims on money that was tied up in both the United States and the UK."