Efforts to reclaim funds for customers and creditors of defunct broker-dealer MF Global Inc. finally came to a close Tuesday when a judge supervising the four-year liquidation discharged the trustee, Hughes Hubbard & Reed corporate reorganization and bankruptcy group chair James Giddens.
U.S. Bankruptcy Judge Martin Glenn in New York praised Giddens’ recovery effort. Ultimately, MF Global’s customers have received all their money back, secured creditors have a 100 percent return on their claims and unsecured creditors have 95 percent, according to the trustee’s final report in December.
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