MF Global Inc. Forced Into SIPA Liquidation
The Securities Investor Protection Corporation made the following statement on October 31, 2011 regarding MF Global Inc.:
“The Securities Investor Protection Corporation (“SIPC”) which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, announced yesterday that it is initiating the liquidation of MF Global Inc., under the Securities Investor Protection Act (“SIPA”). SIPC today filed an application with the United States District Court for the Southern District of New York for a declaration that the customers of MF Global Inc. are in need of the protections available under the SIPA. The United States District Court for the Southern District of New York granted the application and appointed James W. Giddens as trustee for the liquidation, and further appointed the law firm of Hughes Hubbard & Reed as counsel to Mr. Giddens.”
Attorneys at Poulos LoPiccolo have extensive experience in SIPA liquidations. They were part of a team of lead attorneys representing James W. Giddens, the SIPA Trustee in the liquidation of Lehman Brothers Inc. (“LBI”), the largest broker dealer liquidation in history, for three years while at Hughes Hubbard & Reed. They led a team in the review, determination and litigation of close to $100 billion in claims against the LBI estate. If you or someone you know is a potential customer/creditor of MF Global Inc., contact Poulos LoPiccolo immediately to know your rights.
SIPC’s full press release can be found at the following site: http://sipc.org/media/release31Oct11.cfm. The article at the following link has up to date information on the MF Global Inc. liquidation: http://www.businessweek.com/news/2011-11-01/mf-global-customers-call-sipc-asking-for-money-after-bankruptcy.html.