Agreement in Principle to Settle MF Global Securities Case

1/21/2011 - Barrack, Rodos & Bacine announces that an agreement in principle has been reached to settle for $90 million the securities class action lawsuit brought on behalf of investors who purchased common stock of MF Global, Inc. (NYSE: MF) in or traceable to its initial public offering in July 2007. Institutional investors, including BR&B clients the Iowa Public Employees Retirement System and the Policemen’s Annuity and Benefit Fund of Chicago, led the suit against MF Global, its former owner, Man Group, various officers and directors of MF Global, and the underwriters involved in the public offering, for violations of the federal securities laws. Barrack, Rodos & Bacine is co-lead counsel for lead plaintiffs in the case.

The proposed settlement, achieved as the result of mediation, is subject to review and approval by the court. The action, Rubin v. MF Global, Ltd., et al., No. 08-cv-02233-VM, is pending in the United States District Court for the Southern District of New York before The Honorable Victor Marrero, who had dismissed the case in July, 2009. In September 2010, the case was reinstated by the United States Court of Appeals for the Second Circuit, following oral argument by BR&B partner Mark R. Rosen. Click here for more information about the Second Circuit's decision.

If you have any questions about this case, please contact BR&B partner Mark R. Rosen by telephone at (215) 963-0600, or by email at mrosen@barrack.com.