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Nov 20, 2012

Clearing Houses Joined as Parties in MF Global Dispute at the High Court in London

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Three European clearing houses applied to be joined as parties to proceedings concerning the ownership of certain US Treasury bills brought by the administrators of MF Global UK Ltd against MF Global Inc (acting through its bankruptcy trustee). MF Global Inc claimed ownership over these T-Bills, which had been transferred to the European arm of the MF Global group allegedly on a title transfer basis to secure MF Global Inc's customer positions. Some of these T-bills were then posted as collateral at European clearing houses by MF Global UK Ltd. The court held that the three applicant clearing houses were entitled to be joined to the proceedings, as they had a direct interest in the outcome.

View full memo, "Clearing Houses Joined as Parties in MF Global Dispute at the High Court in London"

Authors and Contributors

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Jo Rickard

Partner

Litigation

+44 20 7655 5781

+44 20 7655 5781

London

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Fredric Sosnick

Partner

Financial Restructuring & Insolvency

+1 212 848 8571

+1 212 848 8571

New York

Solomon J. Noh

Partner

Financial Restructuring & Insolvency

+44 20 7655 5795

+44 20 7655 5795

London

William J. F. Roll, III

General Counsel

Litigation

+1 212 848 4260

+1 212 848 4260

New York