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KPMG: some MF Global customers claim to be clients, but are only creditors [UPDATE]

February 03, 2012 - 09:00 GMT Location: London

The administrator for former London Metal Exchange broker MF Global UK Ltd, which went bankrupt in October, says that claimants against the company are arguing that they have the rights of clients when in fact MF Global’s records suggest they are unsecured creditors. The distinction is crucial because while clients have a proprietary interest in assets held by MF Global at the time of its bankruptcy, and now by administrator KPMG, creditors merely have unsecured claims. In a document prepared for a court hearing on Friday February 3, administrator KPMG said: “Whilst a number of creditors appear to have simply...

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Comment & analysis

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