CME to be paid by PFG Trustee out of Client Funds

Discussion in 'Retail Brokers' started by comintel, Mar 7, 2013.

  1. The CME has paid Farmers and Ranchers who lost money in PFG out of its CME Group Family Farmer & Rancher Protection Fund.

    However, it is asking the PFG Chapter 7 Bankruptcy Trust to partly reimburse it out of the remaining PFG client funds for what it has paid out, as assignee of their claims.

    (See and click on Court Docket to see them filing the assignments).

    Surely the least the CME could do is shoulder the whole cost of paying the Farmers and Ranchers claims itself, since it would have that liability if there were no client funds left in PFG, and leave as much as possible with the PFG Trustee for paying back other customers?