Sunday, February 05, 2012

U.S. Farmers, Ranchers owed $100 Million by MF Global.. .by Cowboy byte Feb. 3, 2012..

U.S. farmers, ranchers owed $100 mln by MF Global

U.S. farmers and ranchers who had accounts with failed broker MF Global have got back the bulk of their money but are still owed about $100 million, the Chicago Mercantile Exchange indicated on Thursday after announcing a fund to help them.
The $100 million is believed to be part of MF Global customers’ $1.2 billion in funds that remain missing after the chaotic flameout of the broker and marks the first time the amount still owed to farmers and ranchers has been quantified.
Thousands of MF Global clients have received about 70 percent of their money held in segregated accounts since the broker filed for bankruptcy on Oct. 31.
The CME on Thursday announced it would launch on March 1 a $100 million fund to protect farmers and ranchers who used grains and livestock futures markets operated by the exchange against fiascos like that of MF Global in the future.

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