JPMorgan $546 mln settlement with MF Global trustee and customers is approved

NEW YORK, July 3 Wed Jul 3, 2013 3:40pm EDT

NEW YORK, July 3 (Reuters) - Customers of MF Global's failed broker-dealer unit and the trustee overseeing its liquidation won court approval on Wednesday for a $546 million settlement with JPMorgan Chase & Co.

The settlement, announced in March, resolved claims levied by James Giddens, the trustee winding down MF's broker-dealer unit MF Global Inc, and by the broker's former customers, who are pursuing a federal class action over MF Global's collapse in 2011.

At a rare joint hearing in Manhattan, U.S. Bankruptcy Judge Martin Glenn, who is overseeing the liquidation, and U.S. District Judge Victor Marrero, who presides over the class action, approved the JPMorgan accord.