J.P. Morgan returns $168 mln to MF Global trustee

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J.P. Morgan returns $168 mln to MF Global trustee
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - J.P. Morgan Chase & Co. agreed to return about $168 million in cash to a trustee for the holding company for bankrupt MF Global Inc., according to a release from the trustee representing MF Global clients. According to the statement, the $168 million represents the proceeds of "excess collateral" that J.P. Morgan held at the beginning of MF Global's liquidation. The trustee, Louis Freeh, added in the release that the recovery will assist him in recovering MF Global property. New York-based MF Global filed for bankruptcy on Oct. 31 after disclosing sizable exposure to derivatives and other investments related to billions of dollars in European sovereign debt and leading to millions of dollars in missing customer funds.