socialmedian: MF Global Told to Pay U.K. Trader About $30 Million (Update3)

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MF Global Told to Pay U.K. Trader About $30 Million (Update3) - Bloomberg.com

Submitted by Priyankagill

May 07, 2009

Summary

May 6 (Bloomberg) -- MF Global Ltd.’s London brokerage unit must pay a day trader about 20 million pounds ($30 million) in compensation for deceiving him about the amount of his trading losses, a London judge ruled today.

Misrepresentations made by an MF Global account manager to former client Raj Gill led him to follow a flawed trading strategy that caused mistakes worth millions of pounds, Justice Julian Flaux ruled. Read the full article

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