Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

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]


Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
Published on Dec-4-07


ADD YOUR COMMENT ON THIS ISSUE

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.
Request Legal Help Now! - Free