"Roughly $700 million of the missing money is now locked up with MF Global's subsidiary in the United Kingdom, where Giddens and his team are engaged in litigation to have it returned to U.S. customers. Giddens said he is "reasonably confident" that these funds will be recovered, though he added that it will be a lengthy process with no guarantee of success. Another $220 million was transferred inadvertently from the accounts of securities customers to those of commodities customers. That money is now in limbo amid a dispute over which customers it belongs to, said Kent Jarrell, a spokesman for Giddens. The final $680 million or so was transferred to other financial institutions with which MF Global did business, including a substantial portion that went to JPMorgan (JPM, Fortune 500)."
Exactly what I thought when JPM claimed "We have lost a lot of money in MFGlobal collapse". They should have lost a lot more. The customer's money went to JPM.