"He even suggested to the vice-Chairman of the CME that he could argue in front of the court that the judge grant a lien to CME on the MF Global holding company assets if the exchange were to put up a temporary fund to make MF customers whole. At this point, the CME has already agreed to put up $300 million to get customers their money back, so in order to back the entire amount, the company only needs to pledge another $300 million. Koutoulas believes that this is going to happen. “I think, within a couple of days, the CME is going to be forced to step up and make customers whole. Once that happens, we can talk about things like class actions to get people the damages back from forced liquidation, and all of that.”
Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.
Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.