MF Global court ruling update
29th January 2013
Following a High Court application in October 2012 made by the Special Administrator, KPMG, relating to a “Hindsight Application”, the Court ruled today that “the hindsight principle is not applicable to the determination of claims to client money for the purposes of a distribution”. Accordingly, for KPMG distribution purposes, clients’ losses shall be calculated as at 31 October 2011 (the date of administration).
Today’s judgement means that some people may be due a top-up compensation payment from FSCS and we will be liaising with the Special Administrator to establish where a top-up payment is due. There is no need for MF Global claimants to contact FSCS at this time. FSCS will publish an update when more information is available and we will contact those investors who are due an additional payment.