Deal with U.K. affiliate could yield MF Global $600 million

A deal has been struck in the dispute between MF Global and a U.K. affiliate. If a judge approves the accord, the failed brokerage could gain as much as $600 million, which would be used to pay customers whom MF Global owes money. Originally, $700 million was sought. "These agreements are in the best interests of former customers and other creditors and allow us to request court approval for significant additional distributions for securities and commodities customers," said James W. Giddens, a trustee involved in MF Global's unwinding.

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