Reuters: Bankruptcy News: MF Global's UK arm takes trustee to court

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MF Global's UK arm takes trustee to court May 3rd 2012, 20:20 Thu May 3, 2012 4:20pm EDT May 3 (Reuters) - MF Global's UK affiliate on Thursday filed litigation in a British court over a $700 million dispute with MF Global's U.S. broker-dealer, the broker-dealer's trustee said in a statement. Trustee James Giddens has argued that roughly $700 million at the UK affiliate's estate belongs to the broker-dealer's customers who traded on foreign exchanges. The UK affiliate has said the money belongs to its own customers. Giddens said last month that the sides were at an impasse and would require court intervention. 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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