Tester urgers producer action on MF Global

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Montana Senator Jon Tester is urging farmers and ranchers affected by the collapse of MF Global to file their claim forms by the deadline of January 31 in order to be eligible to recover lost money.

 MF Global, a Wall Street brokerage firm that traded on commodities markets, declared bankruptcy in October.  Bankruptcy officials are now working to distribute remaining funds to customers.

 MF Global bankruptcy trustees must receive claim forms by January 31.  Tester urges farmers and ranchers not to wait until the last minute because the forms are complex.

  Information and claim forms are available HERE.

 Tester is also calling for a hearing in his Senate Banking Committee to examine the factors leading to MF Global’s collapse.

 MF Global’s bankruptcy, the result of poor investments in European sovereign debt, was approved in November.  Since then, the trustee handling MF Global’s accounts has returned over 70 percent of funds to customers, but recent estimates indicate that $1.2 billion in customer funds remain missing.

 

Additionally, a lawsuit filed earlier this month in U.S. District Court in Missoula alleges that MF Global and its business partners committed trading violations.

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