News Summary: The long unwinding of MF Global

News Summary: The long unwinding of MF Global; trustee Freeh hands the reins to successors

Associated Press

HERE'S THE PLAN: The bankruptcy plan for MF Global Holdings, laying out how money will be returned to creditors, took effect Tuesday. MF Global Holdings is the financial firm that imploded in 2011 under the weight of bad bets on European bonds.

FAREWELL FREEH: Former FBI director Louis Freeh, who had been acting as bankruptcy trustee stepped down and handed the reins to a three-person board of turnaround specialists.

UP NEXT: Another trustee oversees the liquidation of MF Global Inc., the broker-dealer arm of the company. It goes to court next month for approval of a settlement with JPMorgan Chase.

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