06 April 2012

MF Global Trustee Giddens in 'Substantive Talks with JPM' Over Return of Stolen Customer Funds

It is nice to see that JPM is cooperating with Mr. Giddens, who is investigating their role in the funds that were stolen from MF Global's customers.

It remains to be seen how much, if any, money that they will return.

But it is good news to see that someone is stepping up besides the Commodity Customer Coalition.

It will be interesting to hear what Edith O'Brien will disclose when she testifies, and how it will be received.

Her situation is outlined here: The Big Fix Was In - MFGFacts

The legal rationale for their actions which JPM might take is outlined here: MF Global Warning: The Financial Markets Have Not Been Fixed - MFGFacts

The SIPA Liquidation of MF Global Inc.
James W. Giddens, Trustee
Date: April 4, 2012

The Trustee has conducted an investigation of the actions of JPMorgan Chase Bank, N.A. regarding JPMorgan's activities in connection with MF Global.

JPMorgan has cooperated with the Trustee's investigation, which has included witness interviews and review of extensive documentation by the Trustee's professionals, including attorneys and forensic accountants from Ernst & Young.

The Trustee and JPMorgan are presently engaged in substantive discussions regarding the resolution of claims.

JPM In Talks Over Missing MF Global Customer Money - New York Times