TORONTO (Reuters) - An Ontario court has approved a plan to allow the bankruptcy trustee for the Canadian arm of bankrupt MF Global to make cash payments to the broker’s 2,500 foreign exchange customers.
RBC Dominion Securities, a unit Royal Bank of Canada, will send out cheques to customers within 7 business days, said KPMG Inc, which is acting as trustee.
RBC agreed two weeks ago to take on the funds on behalf of clients.
MF Global collapsed on October 31 after making disastrous bets on European debt. Its Canadian subsidiary filed for bankruptcy four days later.
Reporting by Cameron French