MF Global filing deadline is Jan. 31
From news reports
Date Modified: 02/02/2012 9:14 AM
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WASHINGTON — Farmers and ranchers affected by the collapse of MF Global need to file their claim forms by the deadline of Jan. 31 in order to be eligible to recover lost money.
MF Global, a Wall Street brokerage firm that traded on commodities markets, declared bankruptcy on Oct. 31. Bankruptcy officials are now working to distribute remaining funds to customers, including thousands of farmers and ranchers. MF Global bankruptcy trustees must receive claim forms from former brokerage customers by Jan. 31.
After the amount of claims is calculated, trustees will be able to reassess the amount of missing customer funds, which is currently estimated to be $1.2 billion.
Sen. Debbie Stabenow, chairwoman of the Senate agriculture committee, said the committee will begin to consider policy changes in light of the MF Global bankruptcy, the eight largest in United States history.
"The MF Global bankruptcy has raised questions about the regulatory framework that protects these markets," Stabenow said in a letter sent to financial stakeholders, market participants and consumer advocacy groups. "As investigations into the causes of this bankruptcy and the missing customer funds progress, the committee will begin to consider policies that could help customers recover money, protect customer collateral and prevent situations like the MF Global bankruptcy from happening."