MF Global to pay $1.21 billion restitution

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Associated Press

Posted on November 18, 2013 at 12:00 PM

Updated Monday, Nov 18 at 1:00 PM

WASHINGTON, D.C. (AP) — MF Global Inc. must pay back $1.21 billion to ensure customers recover their losses sustained when the brokerage firm failed in 2011.

The restitution is being levied following a complaint filed by the U.S. Commodity Futures Trading Commission earlier this year that alleges MF Global unlawfully used customer funds for the firm's needs in its final weeks.

MF Global also faces a $100 million civil penalty that must be paid after it has fully paid customers and certain creditors.

The commission said Monday that is still involved with litigation against the MF Global Holdings Ltd. as well as former company leaders Jon Corzine and Edith O'Brien.

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