October 17, 2013
As part of the settlement, the Trustees of the MF Global UK Pension Fund are able to secure the scheme's liabilities by way of an insurance policy which will allow the fund to now fully exit PPF assessment. The settlement was completed simultaneously with the successful conclusion of settlement negotiations with MF Global Services UK Limited.
Linton Bloomberg in Weil's Business Finance & Restructuring team in London further commented that: "the successful settlement followed a long period of negotiation and an analysis of a number of alternative proposals before a deal could be formulated, agreed and implemented on behalf of creditors."
The team working on the settlement included Paul Bagon, Lindsay Merritt and Matt Feehily.
As part of its representation of the Administrators of MF Global UK Limited, which is the largest European collapse since Lehman, Weil is fielding a multi-disciplinary team. This settlement follows a series of historic landmark Court approvals and a $1.4 billion global settlement with MF Global Inc. in December 2012.