MF Customers Begin Receiving Claim Determinations

#PFGBest Customers

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.

Stay tuned to our website for more information.

Some MF customers have received their Determination of Claim and Release from the Trustee's office. Customers will continue to receive these determinations as the Trustee issues them. The determination lists the total amount of your claim which the Trustee is allowing, the amount already distributed to you and the remaining amount allowed. The determination notes that each customer will receive a separate claim determination for each of three account classes: futures accounts (4d funds), foreign futures accounts (30.7 funds) and assets held in delivery accounts (specifically identifiable property). If a shortfall persists in any particular account class, customers shall receive a ratable share of the amount of the allowed claim in that account class.

You have a right to object to this determination. You must do so in writing within 30 days of the date of the determination to the Clerk of the SDNY bankruptcy court. If you have engaged counsel, your counsel may file electronically. If you have not, you will likely have to file by mail, sending a full copy to both the Clerk of the SDNY court and the offices of Hughes, Hubbard and Reed LLP. The objection process will involve the Trustee taking action to resolve the dispute. This may include requesting a status conference and setting hearing with the bankruptcy court. If a hearing is set, you must appear personally or through counsel of the court will confirm the Trustee's determination of your claim.

If you agree with the Trustee's determination, you will have to return a signed and notarized copy of the enclosed Release via US mail to the address provided. Carefully read the release before signing it. Please note that the Trustee will refuse to make additional distributions of the amount allowed to you unless you sign the Release.

#MFGlobal Customers

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.

Get the latest news on #MFGlboal.

About John Roe 86 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

3 Comments

  1. Hello,

    Are you sure it is 30 days within date of determination? The reason I’m asking is that it took 1.5 months for the claim forms to get here by mail (I got them only in the second half of January! – and I know lots of others who got forms only in January) – so if determination letter will travel as long I might get it when it will be too late to object anything. Which is not fair at all. Can you point that out to the Trustee if it is possible.

    Also – will CCC go into court instead of a client-member of the Coalition (in case of objection of determination) – or it is not part of what CCC can do for Clients.

    Thank you.

    Best regards, Alex.

  2. I certainly hope they are doing a beter job @ determining claim amounts than the job they did posting the received claim form pdfs on the website. The claim listed under my claim # and name is actually someone else’s. The other person’s name/claim # does have my form showing, so they must’ve just got them transversed.

    Does anyone know what the claim amount means anyway? This would be the possible amount of funds that can be returned to us, but there is no guarantee…..am I correct?

    • The claim amount is the total claim amount the Trustee is allowing for your claim for that account. There is no guarantee that you will receive anything further, just that your claim for this amount has been confirmed.

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