Senator Jon Tester is urging Montana farmers and ranchers affected by the collapse of MF Global 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 Montana farmers and ranchers.
MF Global bankruptcy trustees must receive claim forms from Montanans by January 31. Tester urged Big Sky farmers and ranchers not to wait until the last minute because the forms are complex.
“Montana farmers and ranchers work hard, and it’s unacceptable to see their money lost due to the irresponsibility of Wall Street,” Tester said. “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.”
Information and claim forms are available HERE.
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, 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.
Tester, a third-generation dry land farmer, is a steadfast advocate for Montana farmers and ranchers. He was not a customer of MF Global.
Source: U.S. Senator Jon Tester
Posted by Russell Nemetz