CORRECTING and REPLACING Entwistle & Cappucci LLP, Berger & Montague, P.C. and the Trustee for the MF Global Liquidation

  CORRECTING and REPLACING Entwistle & Cappucci LLP, Berger & Montague, P.C.
  and the Trustee for the MF Global Liquidation Announce Proposed Settlement
  of Claims Against JPMorgan

CORRECTION...by Entwistle & Cappucci LLP

Business Wire

NEW YORK -- March 20, 2013

Please replace the release dated March 19, 2013 with the following corrected
version due to multiple revisions.

The corrected release reads:

ENTWISTLE & CAPPUCCI LLP, BERGER & MONTAGUE, P.C. AND THE TRUSTEE FOR THE MF
GLOBAL LIQUIDATION ANNOUNCE PROPOSED SETTLEMENT OF CLAIMS AGAINST JPMORGAN

Co-Lead Counsel for the Class of MF Global Inc. (“MFGI”) customers and James
W. Giddens, the trustee (“Trustee”) for the liquidation of MFGI, have
announced a settlement (“Settlement”) of all potential claims against JPMorgan
Chase Bank, NA and its parents, subsidiaries and affiliates (“JPMorgan”). The
proposed Settlement will be contemporaneously presented by motions for
approval to both District Court Judge Victor Marrero and to Bankruptcy Court
Judge Martin Glenn.

The proposed Settlement, which will resolve all of the Customer
Representatives’ and Trustee’s potential claims against JPMorgan arising both
from transfers of Customer Property during the days preceding MFGI’s collapse
and from JPMorgan’s conduct as one of MFGI’s primary banks and repositories of
Customer Property, provides a sizable benefit to the Settlement Class of
former customers of MFGI. Subject to Court approval, the Settlement provides
for a $100 million cash payment from JPMorgan for distribution to MFGI’s
former customers.

In addition to the $100 million cash payment, the Settlement also provides for
the return of approximately $29 million in proprietary MFGI funds held by
JPMorgan to secure potential obligations under a certain revolving credit
facility agreement and JPMorgan’s clearance and other agreements with MFGI, as
well the release of JPMorgan’s retained liens and set off rights in
approximately $417 million of proprietary MFGI funds it previously remitted to
the Trustee, permitting these funds to be made available to MFGI’s customers
and creditors.

Upon approval, the Settlement will enable the Trustee to immediately seek to
allocate $250 million to the 4d Customer Estate for the benefit of MFGI
customers who engaged in commodity transactions on domestic exchanges (“4d
Customers”) and $50 million to the 30.7 Customer Estate for the benefit of
customers who transacted on foreign exchanges (“30.7 Customers”). Moreover,
the Settlement with JPMorgan will satisfy an important condition to the
effectiveness of the settlement between the Trustee and the Joint Special
Administrators of MF Global UK Limited (“MFGUK”), approved by the Bankruptcy
Court on January 31, 2013, which will facilitate the recovery from MFGUK of
approximately $500-$600 million (over time) for additional distribution to
customers and general creditors. All told, the Settlement will ultimately
enable the Trustee to distribute to customers an amount approaching $1
billion.

The Class is continuing to pursue its claims against the former directors and
officers of MFGI, including Jon Corzine, and against MFGI’s former auditor,
PricewaterhouseCoopers and MFGI’s primary regulator, the CME Group.

Co-Lead Counsel for the customers, Andrew Entwistle of Entwistle & Cappucci
LLP and Merrill Davidoff of Berger & Montague, P.C., were especially pleased
with the Settlement. Attorney Entwistle observed that: “This Settlement
reflects the cooperative efforts of our team and the Trustee over many months
of investigation and negotiations with JPMorgan; represents a favorable and
economically sound resolution to what would otherwise have been a costly and
protracted legal battle; and is a key recovery for the Customers both in its
own right and as the lynchpin to the UK settlement recently approved by Judge
Glenn.” Attorney Davidoff observed that: “We are pleased JPMorgan elected to
resolve these claims early enough to enable the Trustee to return significant
sums to customers, and especially that the contemporaneous release of liens
asserted by JPMorgan will free up hundreds of millions of dollarsthat can be
distributed once the Settlement becomes final.”

Entwistle also observed that: “While a substantial shortfall will still remain
for 4d and 30.7 Customers, the $800m-900m that this Settlement will cause to
be paid to customers over time is a tremendous step forward in this process.”
Davidoff further stated that: “Nearly a year and a half has passed since the
management of MFGI improperly transferred hundreds of millions of dollars in
segregated customer property for use by the firm, while PwC and CME Group
enabled their reckless behavior. It is time that the remaining parties pay for
their improper behavior and make MFGI’s former customers whole.”

More information about the case can be found at
http://www.entwistle-law.com/resources/index. The filed case number is
11-cv-7866 (VM) (U.S. Dist. Ct., S.D.N.Y.).

About Entwistle & Cappucci LLP

Entwistle & Cappucci is a national law firm providing top-flight legal
representation and exceptional service to clients that include major public
corporations, a number of the nation’s largest public pension funds,
governmental entities, leading institutional investors, domestic and foreign
financial services companies, emerging business enterprises and individual
entrepreneurs.

The lawyers who founded the firm in 1998 did so with a commitment to
excellence, integrity and creativity. Its strong reputation among clients,
adversaries and the judiciary is not inherited from prior generations.
Instead, the firm has earned its reputation day-by-day, client-by-client and
matter-by-matter. The firm’s approach to the practice of law is
business-oriented and pragmatic.

About Berger & Montague, P.C.

Berger & Montague, P.C., based in Philadelphia, PA, consists of over 60
attorneys who represent plaintiffs in complex and class action litigation. The
firm has played lead roles in major cases for over 40 years resulting in
recoveries of over $22 billion for their clients and the classes they
represent. On the Web: www.bergermontague.com.

If you wish to discuss this action or have any questions concerning this press
release, or your rights or interests with respect to this matter, please
contact: Andrew J. Entwistle, Esq. (aentwistle@entwistle-law.com) of Entwistle
& Cappucci LLP, 280 Park Avenue, 26th Floor West, New York, NY 10017,
Telephone: (212) 894-7200; or Merrill G. Davidoff (mdavidoff@bm.net) or
Michael Dell’Angelo (mdellangelo@bm.net) of Berger & Montague, P.C., 1622
Locust Street, Philadelphia, PA 19103, Telephone: (215) 875-3000.

Contact:

Entwistle & Cappucci LLP
Andrew J. Entwistle, Esq. (aentwistle@entwistle-law.com)
Telephone: 212-894-7200
Facsimile: 212-894-7272
or
Berger & Montague, P.C.
Merrill G. Davidoff, Esq. (mdavidoff@bm.net)
Michael Dell’Angelo, Esq. (mdellangelo@bm.net)
Telephone: 215-875-3000
Facsimile:215-875-4604
 
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