New York Securities Lawyer Blog
On October 31, 2011, the Securities Investor Protection Corporation (“SIPC”) filed a complaint against MF Global Inc., in the District Court for the Southern District of New York. See 11-cv-7750 (PAE). The SIPC complaint stated, “SIPC has determined that “MF Global Inc.,” has failed or is [in] danger of failing to meet its obligations to its customers within the meaning of SIPC Section 78eee(a)(3)(A), and that there exists one or more of the conditions specified in SIPA Section 78eee(b)(1). Specifically, MF Global Inc. is unable to meet its obligations as they mature.” See 11-cv-7750 (PAE) pg. 2. The Honorable Paul Engelmayer immediately appointed James W. Giddens as the SIPC Trustee tasked with affording MF Global Inc. customers the protection afforded by the Securities Investor Protection Act of 1970. Also on October 31, 2011, MF Global Holdings Ltd. and MF Global Finance USA Inc. (collectively “MF Global”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Chapter 11 Bankruptcy”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Bankruptcy matters have been assigned to the Honorable Martin Glenn. Many customer and account holders of MF Global have questions. Lax & Neville has substantial experience in SIPC liquidations. If you hold an account at MF Global, please contact Lax & Neville, LLP to discuss the ramifications of the Bankruptcy matter and the potential filing of SIPC Claims on your behalf.