WASHINGTON, Jan. 20, 2012 –Farmers and ranchers affected by the collapse of MF Global need to file their claim forms by the deadline of January 31 in order to be eligible to recover lost money.
MF Global, a Wall Street brokerage firm that traded on commodities markets, declared bankruptcy in October. Bankruptcy officials are now working to distribute remaining funds to customers, including thousands of farmers and ranchers. MF Global bankruptcy trustees must receive claim forms from former brokerage customers by January 31.
After the amount of claims is calculated, trustees will be able to reassess the amount of missing customer funds, which is currently estimated to be $1.2 billion.
Senator Jon Tester (D-Mont.) released a statement today urging the thousands of Montana farmers and ranchers affected by the collapse to not wait until the last minute.
“Montana farmers and ranchers work hard, and it’s unacceptable to see their money lost due to the irresponsibility of Wall Street,” said Tester. “I encourage every Montanan with a claim to get their form in as soon as possible so they can get back to doing what they do best: feeding and fueling America.”
Click here for claims forms and additional information.
Tester is also calling for a hearing in his Senate Banking Committee to examine the factors leading to MF Global’s collapse.
MF Global’s bankruptcy, believed to be the result of poor investments in European sovereign debt, was approved in November. Since then, the trustee handling MF Global’s accounts has returned over 70 percent of funds to customers, but recent estimates indicate that $1.2 billion in customer funds remain missing.
Additionally, a lawsuit filed earlier this month in U.S. District Court in Missoula alleges that MF Global and its business partners committed trading violations.
For more news, go to www.agri-pulse.com