Bankruptcy Judge Martin Glenn yesterday approved a settlement that will increase JPMorgan Chase & Co.'s potential recoveries from the liquidation of MF Global Holdings to as much as 76 cents for every dollar in claims, Reuters reported yesterday. The deal resolves a complaint from JPMorgan over the value of an intercompany settlement among MF Global affiliates. That complaint had posed a potentially significant obstacle to getting creditor support and court approval for MF Global's payout plan. Judge Glenn approved a supplement to the payback plan that raises the maximum projected recovery for JPMorgan for its $1.2 billion loan. Its recovery had maxed out at about 73 percent in an earlier version of the plan. The settlement also provides for a slight increase in the size of JPMorgan's claim.
