Separately, Giddens and the Chapter 11 Trustee for MF Global Holdings Ltd., Louis J. Freeh, said that they will resolve all claims between their respective estates.
Once certain conditions and court approvals are satisfied to make the agreements effective, Giddens anticipates the agreement between MFGI and MFGUK will fully satisfy allowed securities customers' claims and significant additional distributions to commodities customers who traded on U.S. and non-U.S. exchanges.
MF Global went bankrupt in the fall of 2011. Former New Jersey Gov. Jon Corzine was the company's CEO. According to The New York Times, a federal investigation found that up to $600 million-$1.6 billion of customer money could not be accounted for in the company’s collapse after the disclosure of some heavily leveraged international debt purchases that drove off investors and caused steep declines in its ratings.