Case Number: No. 11-cv-7866
Case Status: Settled
Settlement Amount: $1.6 billion
Court: United States District Court for the Southern District of New York
Berger Montague served as co-lead counsel and helped return approximately $1.6 billion to thousands of commodities account holders who were victims to the alleged massive theft and misappropriation of client funds at the former global commodities brokerage firm, MF Global. Led by Merrill G. Davidoff and Michael Dell’Angelo, Berger Montague reached a variety of settlements, including with JPMorgan Chase Bank, the MF Global SIPA Trustee, and the CME Group, that benefitted the plaintiffs and class members. Ultimately, the class members represented by Berger Montague received more than 100% of the funds allegedly misappropriated by MF Global even after all attorneys’ fees and expenses. The case was litigated in the United States District Court for the Southern District of New York under the caption, In re MF Global Holdings Ltd. Investment Litigation, No. 11-cv-07866 (S.D.N.Y.).
The plaintiffs’ Consolidated Amended Class Action Complaint filed on November 5, 2012 alleged that individuals and entities associated with the MF Global debacle, including PricewaterhouseCoopers LLP, CME Group, Inc., and former Senator Jon Corzine, violated numerous laws, including the Commodity Exchange Act, when more than $1 billion disappeared from MF Global’s customers’ accounts.
Co-lead class counsel stated when the settlement was reached that they were pleased with the settlement which reflected the cooperative efforts of our team and the Trustee over many months of investigation and negotiations with JPMorgan; represented a favorable and economically sound resolution to what would otherwise have been a costly and protracted legal battle; and was a key recovery for the customers.
If you are an investor and have questions about a potential securities fraud lawsuit, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.