Press Releases
January 24, 2012
Deadline for MF Global Claims Fast Approaching, Conrad says
Claim Forms for Former MF Global Customers Must be Submitted by Jan. 31
Washington - Senator Kent Conrad today reminded former MF Global customers that the deadline to submit claims against the now-bankrupt brokerage firm is January 31, 2012. MF Global is accused of defrauding investors – including a number of North Dakotans – after making bad bets on European debt.
“The leadership of MF Global must be held accountable for their reckless behavior. Every effort must be made to make their defrauded investors whole again. I encourage MF Global investors in North Dakota who are missing funds or securities to submit claim forms by the January 31, 2012 deadline," Senator Conrad said.
Last month, Senator Conrad asked the Chairmen of two of the nation’s financial regulatory commissions to investigate the events surrounding the October 2011 collapse of MF Global, a commodity broker that a number of North Dakota agriculture producers and business leaders had invested in.
In letters to Gary Gensler, the Chairman of the Commodity Futures Trading Commission (CFTC), and Mary Schapiro, Chairman of the Securities and Exchange Commission, Senator Conrad questioned a legal loophole that allowed MF Global to engage in practices that bankrupted the company, and likely resulted in substantial losses and uncertainty for thousands of its customers, including a number of North Dakotans. The CFTC voted unanimously the following week to tighten several of the loopholes that Senator Conrad mentioned in his letter
Senator Conrad also wrote in November to Chairman Gensler, and to bankruptcy trustee James Giddens, urging them to ensure that MF Global customers are paid back as soon as possible, and that the claims process is kept simple and efficient.
Forms and filing instructions are available on the Trustee's website at mfglobaltrustee.com and have been mailed to all former customers of MF Global Inc. It is not necessary for customers to submit completed forms by the January 31 deadline, but they must submit at least basic information by that date to be eligible for claim payouts.
