As a service to its members, Institute of Scrap Recycying Industries, Inc. (ISRI ) hosted a webinar on December 8th at 3:00pm presented by practicing attorneys who are familiar with this kind of situation. ISRI asked the presenters to discuss the situation and some of the remedies that may be available to those who have funds in MF Global accounts.
Based upon communications with a few scrap industry executives, it appears that some people in the scrap industry may have been adversely impacted as a result of the recent MF Global bankruptcy filing. Although there are risks associated with investing in the stock market, working with hedge funds and with commodity futures, when a catastrophic event occurs many people do not know their rights under federal law.
MF Global, a futures brokerage firm, filed for bankruptcy on October 31, 2011. Although various government entities (including the Securities and Exchange Commission, the House Financial Services Oversight and Investigations Committee and the Senate Agriculture Committee) are, or will likely soon be, investigating MF Global and its practices, those with accounts at MF Global are seeking information with regard to whether, and how, they will be able to recover their investments.