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canada goose clearance sale NEW YORK, May 18 (Reuters) JPMorgan Chase Co, under scrutiny for its ties to collapsed commodities firm MF Global, buy canada goose jacket cheap will return $168 million to the estate of MF broker dealer, the estate trustee announced canada goose clearance sale on Fr iday. canada goose clearance sale
cheap Canada Goose James Giddens, tasked with winding down the estate and recovering as much money as possible for its trader clients who lost money when canada goose black friday sale the firm went bust, said JPMorgan will return collateral that was held in its estate when the bankruptcy began. cheap Canada Goose
canada goose coats Giddens said the returned funds will help with get money back to customers, but is separate from ongoing discussions with JPMorgan Canada Goose Coats On Sale over potential legal claims from Giddens that the bank could be holding customer money. canada goose coats
buy canada goose jacket cheap MF Global declared bankruptcy on Oct. 31. Commodity traders with personal accounts lost millions of dollars when, according to Giddens, the firm improperly used client money canada goose factory sale to cover corporate transactions Canada Goose Parka as the firm sank. buy canada goose jacket cheap
Giddens has said customer accounts could be short about $1.6 billion.
canadian goose jacket JPMorgan canada goose uk outlet has retained a security interest in the returned collateral so it can seek to recover it if certain allegedly secured positions in MF Global capital structure turn out to be uncollateralized, according to canada goose coats on sale Giddens statement. canadian goose jacket
JPMorgan was the lead Canada Goose Online lender on MF Global $1.2 billion loan, and was also one of its primary clearing banks. Customer advocates, primarily Commodity Customer Coalition leader James Koutoulas, have expressed suspicion that customer money could be at JPMorgan.
A spokeswoman for the bank declined to comment.
canada goose KOUTOULAS buy canada goose jacket DEEMED Separately on Friday, Koutoulas was rebuked by a judge for filing court papers attacking the mounting fees canada goose coats of Louis Freeh, the trustee unwinding the MF Global parent company. Bankruptcy Court Judge Martin Glenn rejected arguments from Koutoulas that Freeh should not be allowed to extend a Friday deadline to file financial data about the company. Koutoulas had argued the postponement would allow Freeh, a former FBI director, to rack up unreasonable fees. canada goose
Canada Goose Outlet Glenn stopped short of granting a request by Freeh attorney, Brett Miller, to sanction Canada Goose Outlet Koutoulas, but warned he cheap Canada Goose may impose such punishments for future frivolous canada goose clearance acts. Canada Goose Outlet
fair warned, Glenn told Koutoulas, https://www.canadagoosesale.info a fund manager and lawyer who has assumed the de facto role of representing MF Global former customers.
Canada Goose Parka Miller said Freeh planned to file the bulk of Canada Goose Jackets the data that sparked the controversy, which lays out information on MF Global debts, assets, transactional history and personnel, later on Friday. Canada Goose Parka
Canada Goose sale Koutoulas fight began when Freeh estimated this week that professionals in MF Global bankruptcy have accrued nearly $25 million in fees. Freeh report did not say how much of that figure was accrued by Freeh and his lawyers. Canada Goose sale
buy canada goose jacket Freeh, uk canada goose outlet who has not yet submitted formal compensation requests, would be paid from money he ultimately recovers on behalf of the MF estate through litigation and other means. buy canada goose jacket
Freeh separately asked the court to extend by one month a Friday deadline to file financial data about the company debts, assets, transaction history and personnel.
Canada Goose online Koutoulas Canada Goose sale objected that Freeh, who had been granted five similar extensions in the past, acted in bad faith by drawing out his work while continuing to rake in fees. Canada Goose online
canada goose coats on sale In bankruptcy, legal fees uk canada goose are paid before other creditor claims, meaning each dollar canada goose store Freeh accrues is a dollar taken away from creditors, Koutoulas said. canada goose coats on sale
Glenn, though, said Koutoulas did not back up his faith claims with evidence that Freeh actually had an impure motive for seeking the extension.
canada goose deals There is also the question of canada goose uk shop whether customers would be eligible to be paid back from money recovered by Freeh. Money he recovers is canada goose designed to pay back canada goose sale creditors of MF Global parent estate, not customers of its broker dealer unit. canada goose deals
canada goose black friday sale Koutoulas said after the hearing Canada Goose online that his group, cheap canada goose uk the Commodity Customer Coalition, canada goose uk black friday will soon file a motion seeking to convert MF Global bankruptcy from a Chapter 11 to a more streamlined liquidation, known as canadian goose jacket Chapter 7. The move, he says, would save the estate money. Bankruptcy Court, Southern District of New York, No. 11 15059 canada goose black friday sale.