Reuters: Bankruptcy News: MF Global trustee, UK affiliate at loggerheads

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MF Global trustee, UK affiliate at loggerheads Apr 18th 2012, 21:00 By Nick Brown April 18 | Wed Apr 18, 2012 5:00pm EDT April 18 (Reuters) - The trustee liquidating MF Global's broker-dealer said on Wednesday a dispute with the broker's UK affiliate over the rights to about $700 million will have to be settled by an English court. James Giddens, who is in charge of recovering as much money as possible for customers burned by MF Global's October collapse, had asserted that money currently at the firm's UK affiliate belongs to U.S. customers who traded on foreign exchanges. The UK affiliate has said the money belongs to its own customers. Resolution talks have been ongoing, but the sides are at loggerheads and require court intervention, Giddens said in a statement. Giddens has estimated that customers are missing a total of about $1.6 billion that disappeared from their accounts as MF Global sank.

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