Weil have acted for the KPMG Administrators of MF Global UK in a landmark settlement of the MF Global group’s pension liabilities.
The settlement with the Pension Trustees and with the MF Global Group ‘service’ company was led by London partner and head of Weil’s London Restructuring team, Adam Plainer together with Linton Bloomberg and pensions partner Joanne Etherton.
As part of the settlement, the Trustees of the MF Global UK Pension Fund are able to secure the scheme’s liabilities by way of an insurance policy which will allow the fund to now fully exit PPF assessment. The settlement was completed simultaneously with the successful conclusion of settlement negotiations with MF Global Services UK Limited.
Joanne Etherton commented that: “the settlement is an excellent solution both for the administrators and the scheme members and we have been delighted to assist in bringing this complex issue to a successful conclusion.”
Linton Bloomberg in Weil’s Business Finance & Restructuring team in London further commented that: “the successful settlement followed a long period of negotiation and an analysis of a number of alternative proposals before a deal could be formulated, agreed and implemented on behalf of creditors.”
The team working on the settlement included Paul Bagon, Lindsay Merritt and Matt Feehily.
As part of its representation of the Administrators of MF Global UK Limited, which is the largest European collapse since Lehman, Weil is fielding a multi-disciplinary team. This settlement follows a series of historic landmark Court approvals and a $1.4 billion global settlement with MF Global Inc. in December 2012.