PAAF Investors

New York, NY: (Dec-03-07) A lawsuit was brought against MF Global Inc. by the Receiver ad litem for Philadelphia Alternative Asset Fund (PAAF) and related entities. Sources close to the case stated that the parties have entered into a definitive settlement agreement and a court approval will be sought shortly. As part of the settlement reached, MF Global agreed to pay $75 million to resolve allegations. Of that amount, MF Global has agreed to pay $69 million into a restoration fund for the benefit of investors in PAAF. The company will also pay $6 million in legal fees and expenses. The costs of the settlement and legal expenses to litigate will be borne by the company's insurance carrier. MF Global believes that after expected insurance recoveries, the potential settlement will not be material to the company's long-term performance. [FINANCIAL NEWS: PAAF INVESTORS]

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Published on Dec-4-07