Litigation Trust

The MF Global Litigation Trust (the "Litigation Trust") was created pursuant to the Second Amended and Restated Joint Plan of Liquidation Pursuant to Chapter 11 of the Bankruptcy Code for MF Global Holdings Ltd., MF Global Finance USA Inc., MF Global Capital LLC, MF Global FX Clear LLC, MF Global Market Services LLC, and MF Global Holdings USA Inc. , (Docket No. 1382) (the "Plan") Nader Tavakoli is the Trustee of the Litigation Trust (the "Litigation Trustee").

Under the Plan, the Litigation Trust was assigned the claims set forth in the complaint entitled Louis J. Freeh, as Chapter 11 Trustee of MF Global Holdings Ltd., et al. v. Jon S. Corzine, et al., Adversary Proceeding Number 13-01333 (the “Adversary Proceeding”) in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), as well as any claims arising out of or related to the facts or circumstances alleged in the complaint or set forth in the Report of Louis J. Freeh, as Chapter 11 Trustee of MF Global Holdings Ltd., et al., dated April 3, 2013 (Docket No. 1279) (the “Litigation Trust Claims”). The Litigation Trustee is charged with the investigation, pursuit, litigation (including, as appropriate, settlement), and liquidation of the Litigation Trust Claims.

The Litigation Trustee directed the filing of an amended complaint entitled Nader Tavakoli, as Litigation Trustee of MF Global Litigation Trust v. Jon S. Corzine, et al., on September 16, 2013 in the Adversary Proceeding (Adv. Docket No. 22), which was ultimately consolidated with the Multi-District Litigation (the "MDL") under the caption DeAngelis v. Corzine, Docket No. 11-CV-07866 in the United States District Court for the Southern District of New York (MDL Docket No. 513).

The Litigation Trustee entered into a certain Stipulation and Agreement of Settlement dated as of July 6, 2016 (the "MDL Settlement Agreement"), which resolved the Litigation Trust Claims. The Litigation Trustee, with MF Global Holdings Ltd. ("MFGH"), as Plan Administrator, moved on July 20, 2016 for approval of the MDL Settlement Agreement (Docket No. 2271). The motion includes a redacted copy of the MDL Settlement Agreement. The Bankruptcy Court approved the MDL Settlement Agreement on August 10, 2016 (Docket No. 2282).

On August 24, 2016, the Litigation Trustee and the Plan Administrator moved for approval of the agreement allocating the consideration received by the Litigation Trust and the Plan Administrator under the MDL Settlement Agreement (Docket No. 2291). The Bankruptcy Court approved the allocation agreement on December 1, 2016 (Docket No. 2322).

On November 1, 2016, the Litigation Trustee and the Plan Administrator moved for approval of the distribution protocol for the proceeds of the MDL Settlement Agreement received by the Litigation Trust (Docket No. 2308). The Bankruptcy Court approved the distribution protocol on December 1, 2016 (Docket No. 2323).

On or about December 14, 2016, a distribution commenced of proceeds of the MDL Settlement Agreement (see Docket Nos. 2325 & 2328). This distribution included MDL Settlement proceeds of both the Litigation Trustee and MFGAA, as well as other Available Cash (as defined in the Plan).

On or about March 22, 2018, a distribution commenced which included additional proceeds recovered pursuant to the MDL Settlement Agreement (Docket No. 2366) from dissenting insurers on behalf of both the Litigation Trustee and MFGAA. The distribution also included Available Cash (as defined in the Plan).

On April 27, 2018, the Litigation Trustee moved for approval of a three-year extension of the Litigation Trust term, to and through June 4, 2021, to continue the orderly liquidation of the Litigation Trust’s remaining assets. (Docket No. 2367). Any objections are due by May 17, 2018. (Id.)

Information pertaining to the distributions made by the Litigation Trustee are included in the Quarterly Operating Reports of MFGH and are available here.