BFTA Secures Class Certification in MF GlobalOctober 14, 2015
On October 14, 2015, the Honorable Victor Marrero entered an Order certifying a class of investors who purchased MF Global 6.25% Senior Notes, which were issued less than three months before MF Global’s dramatic bankruptcy in October 2011. MF Global defaulted on these securities as a result of the bankruptcy.
Judge Marrero also approved the appointment of BFTA and its co-counsel to serve as Class Counsel noting, “these two firms have vigorously pursued Plaintiff's claims to date, have successfully negotiated several settlements with additional defendants in this case, and have significant experience representing classes in other securities class actions.”
BFTA, along with co-counsel Bernstein Litowitz Berger & Grossman LLP, represent Lead Plaintiffs Her Majesty the Queen in Right of Alberta and the Virginia Retirement System. Lead Plaintiffs have secured over $200 million in multiple settlements with MF Global’s Officers and Directors, auditor PricewaterhouseCoopers, LLP, and the Underwriters of certain MF Global Offerings, including Goldman Sachs & Co. and Citigroup Global Markets Inc. The remaining Defendants in this action underwrote the 6.25% Senior Notes Offering, led by Jefferies LLC.
Lead Plaintiffs’ case against Defendants is continuing, with a trial in the Southern District of New York expected in 2016.