Trustees settle key MF Global suit

Dec 22, 2012, 7:07 PM EST
James Giddens, trustee of the Securities Investor Protection Act liquidation of MF Global, December 13, 2011 in Washington, DC.
AFP/Getty Images/Chip Somodevilla

Trustees fighting over the estate of failed futures broker MF Global have reached a settlement over its assets. The agreement between James Giddens (above), the trustee of the U.S. business, and KPMG, which is administering the U.K. unit, is set to prevent a key part of the complex resolution from going to court in the U.K. in April. It is also likely to open the door to an earlier-than-expected return of more money to customers of the failed broker which become one the largest bankruptcies in U.S. history in 2011.