$1.2bn fine for MF Global

<p>MF Global has been ordered to pay a fine worth $1.2 billion.</p>

US futures company MF Global Holding has been ordered to pay customers $1.2 billion (£740 million) as a result of its collapse.

The US Commodity Futures Trading Commission (CFTC) also told the firm that it must pay a further $100 million in civil penalties.

Gretchen Lowe, the acting director of the CFTC's enforcement division, explained that members of staff at the body have been working "tirelessly" in order to "satisfy customer losses".

"The CFTC will continue to ensure that those who violate US commodity laws and regulations designed to protect customer funds will be vigorously prosecuted."

Former leader of MF Global Jim Corzine was charged by the CFTC in June with failing to properly manage the company, but he denies the accusations.

The MF Global fine is the latest major financial settlement to be confirmed in the US in recent weeks. JP Morgan recently revealed it will be paying $4.5 billion to investors who lost money due to the mortgage securities scandal.

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