Steven Harmelin, the receiver for Philadelphia Alternative Asset Fund and related entities, has reached an agreement with MF Global to settle litigation brought by the receiver against MF
Steven Harmelin, the receiver for Philadelphia Alternative Asset Fund and related entities, has reached an agreement with MF Global to settle litigation brought by the receiver against MF Global, subject to US District Court approval.
A definitive settlement agreement has been executed by the parties and Court approval is being sought within the next few days. The settlement agreement obligates MF Global to pay USD 69 million into a restoration fund for the benefit of investors in PAAF. The company will also pay USD 6 million in legal fees and expenses.
MF Global, formerly Man Financial, is the leading broker of exchange-listed futures and options in the world. It provides execution and clearing services for exchange- traded and over-the counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market.
MF Global is diversified across products, trading markets, customers and regions. Its worldwide client base of more than 130,000 active accounts ranges from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients. MF Global operates in 12 countries on more than 70 exchanges. It is the leader by volume on many of these markets and on a single day averages six million lots, more than most of the world’s largest derivatives exchanges.
