The decision today was at least a partial victory at least for commonsense. According to John Kehoe from the AFR,
"11,000 clients had their accounts frozen when MF Global entered administration, the NSW Supreme Court ruled on Wednesday that funds recovered by the liquidator should be regarded as client money.
......a victory for local contracts for difference clients over MF Global Singapore, which had claimed $16 million of funds should be returned directly to it and not shared among other traders." and ... a further $46 million that was recovered by the liquidator, Deloitte, from ..... Deutsch Bank, was deemed by the court to be CFD client money."
Apparently it still subject to appeal and may take some more months to start giving it back. Here is the kicker, they are still to determine how $10 million in liquidator and legal fees to be paid and Deloittes estimates their fees to be "no more then 3 to 5 per cent of the total client claims of $310 million."
