MF Global Wins Permission to Use JPMorgan’s $21 Million
This article is for subscribers only.
MF Global Holdings Inc. won court permission to use about $21 million in cash collateral of its largest lender, JPMorgan Chase & Co., as a judge suggested a probe to find out whether some of the funds may belong to customers.
U.S. Bankruptcy Judge Martin Glenn in Manhattan today overruled objections from customers who said the money could be part of the $1.2 billion missing from their segregated accounts. MF Global had reached an agreement with the New York-based bank about how it would use the cash.