paulitician
Platinum Member
- Oct 7, 2011
- 38,401
- 4,162
- 1,130
Just two weeks after MF Global filed for Chapter 11 bankruptcy, the trustee overseeing the failed futures brokerage disclosed plans on Friday to fire all of its broker dealer employees as it liquidates the business.
In a statement, the court-appointed trustee, James Giddens, said the broker dealers 1,066 employees were notified on Friday that their employment has been terminated, effective immediately.
However, the MF Global trustee said the liquidation and terminations don't apply to the parent company, MF Global Holdings, which listed 2,847 employees as of September.
Were saddened by the trustees actions today to terminate so many of our colleagues," an MF Global spokesperson said in a statement.
The terminated broker dealer workers salaries will be paid through November 15 and between 150 and 200 former employees will be hired back to assist in the wind down of MF Globals businesses and processing of bankruptcy claims. However, none of the workers who are being fired will receive severance and their health-care benefits.
Read more: Trustee Fires 1,066 Workers at MF Global's Broker Dealer | Fox Business
In a statement, the court-appointed trustee, James Giddens, said the broker dealers 1,066 employees were notified on Friday that their employment has been terminated, effective immediately.
However, the MF Global trustee said the liquidation and terminations don't apply to the parent company, MF Global Holdings, which listed 2,847 employees as of September.
Were saddened by the trustees actions today to terminate so many of our colleagues," an MF Global spokesperson said in a statement.
The terminated broker dealer workers salaries will be paid through November 15 and between 150 and 200 former employees will be hired back to assist in the wind down of MF Globals businesses and processing of bankruptcy claims. However, none of the workers who are being fired will receive severance and their health-care benefits.
Read more: Trustee Fires 1,066 Workers at MF Global's Broker Dealer | Fox Business