MF Global

US judges okay JPMorgan US$546m settlement

US regulators last week charged former MF Global chief executive Jon Corzine and former Assistant Treasurer Edith O'Brien in connectio, former Assistant Treasurer Edith O'Brien over alleged misuse of customer funds. Photo: Reuters

Customers of MF Global’s failed broker-dealer unit and the trustee overseeing its liquidation won court approval for a US$546 million (HK$4.2 billion) settlement with JPMorgan Chase.

Thursday, 4 July, 2013, 12:12pm

JPMorgan, Bank of NY Mellon win dismissal of forex lawsuits

A Manhattan judge has thrown out lawsuits against JPMorgan Chase and officials at Bank of New York Mellon. Photo: Reuters

JPMorgan Chase and officials at Bank of New York Mellon have won the dismissal of lawsuits accusing them of overcharging clients for trading currencies.

US District Judge Denise Cote in Manhattan threw out a lawsuit that accused the largest US bank by assets of breaching a fiduciary duty to custodial clients by charging “hidden and excessive mark-ups” on currency trades.

4 Jul 2013 - 9:47am

US agency sues Corzine over failure of MF Global

Former chief executive of MF Global Jon Corzine testifies before a House Financial Services Committee Oversight and Investigations Subcommittee hearing on the collapse of MF Global in 2011. Photo: Reuters

Federal regulators have accused former New Jersey Governor Jon Corzine of misusing customer money while he was chief executive of MF Global, which collapsed in 2011.

A civil lawsuit filed Thursday in New York by the Commodity Futures Trading Commission seeks to ban Corzine from trading in the futures market and demands he pay unspecified penalties.

28 Jun 2013 - 10:49am