Court Grants Order to Pay out MF Global Canada Foreign Exchange Clients

TORONTO, Nov. 25, 2011 /CNW/ - KPMG Inc., the Court-appointed trustee in bankruptcy announced today that the Ontario Superior Court of Justice has granted an order to allow the Trustee to make cash payments to MF Global Canada's 2,500 foreign exchange customers.  The distribution of cheques to these customers will take place within 7 business days.

"We are working closely with the Canadian Investor Protection Fund and RBC Dominion Securities to help former MF Global Canada customers get access to their accounts as quickly as possible," said Richard Harris, Restructuring Partner, KPMG.

KPMG Inc. is working to complete the bulk transfer of accounts with RBC Dominion Securities.  This transfer is substantially complete, and customers are expected to be able to begin to access their accounts by the end of next week.

The Canadian Investor Protection Fund applied for a bankruptcy order for MF Global Canada on Wednesday, November 2, 2011, after IIROC suspended MF Global Canada's membership rights and privileges on November 1, 2011.  The firm's U.S. parent, MF Global Holdings Ltd., declared bankruptcy in the United States on October 31.  The Canadian bankruptcy order was granted by the Court on Friday, November 4, 2011.  Since then, KPMG has worked expeditiously to verify all customer accounts and to determine the financial position of MF Global Canada in cooperation with CIPF, IIROC, the US Trustee, former MF Global Canada employees and third-party organizations.

Further information about the bankruptcy of MF Global Canada can be accessed on the KPMG www.kpmg.ca/mfglobalcanada website, mfglobalcanada@kpmg.ca, 416 777 3666 or toll free at 1 866 602 6743.

About KPMG
KPMG is a global network of professional firms providing Audit, Tax and Advisory services.  We operate in 150 countries and have 138,000 people working in member firms around the world.  The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (`KPMG International`), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

SOURCE KPMG LLP

For further information:

KPMG: 

Shilpa Kotecha
Manager, Media & External Communications
416 777 8918
skotecha@kpmg.ca


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