MF Global Holdings Ltd. investors are seeking final approval of a $74 million settlement stemming from their lawsuit against several well-known financial institutions, Dow Jones Daily Bankruptcy Review reported today. In a Friday filing with U.S. District Court in Manhattan, lawyers for the plaintiffs urged a judge to approve the settlement, calling it "very favorable in light of the risks of continued litigation." The institutions, including units of Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc., served as underwriters for the sale of MF Global's stocks and bonds before its collapse. The deal, which has already received preliminary approval, "dismisses and releases" all claims against them. The investors, now led by Virginia Retirement System, sued the financial institutions as part of a larger 2011 suit against former MF Global Chief Executive Jon S. Corzine and other company executives, accusing the parties of not disclosing the risks associated with MF Global's European sovereign debt trades using repurchase-to-maturity transactions.
