Legal
MF Global's Customer Accounts In Canada To Be Transferred To RBC Dominion Securities

RBC Dominion Securities has agreed to the transfer of client accounts from MF Global Canada, after the latter firm’s parent company filed for bankruptcy last month.
The transfer, approved yesterday by the Ontario Superior Court, will allow these account holders to access their accounts. Holdings in the accounts to be transferred include futures, equity and fixed income positions.
KPMG, the court-appointed trustee in the bankruptcy case, and the Canadian Investor Protection Fund, approached RBC Dominion Securities to request accommodating a bulk transfer of accounts and positions, according to a statement on the agreement.
RBC Dominion Securities will begin contacting clients of MF Global Canada today and “working with them to expedite access to their accounts,” the statement continued.
Meanwhile, the consequences of the bankruptcy continue to unfold, and the Commodity Futures Trading Commission has subpoenaed Harris Bank, part of Bank of Montreal, seeking information about customer accounts, Thomson Reuters reports.
This comes as federal authorities are hunting for $600 million in missing customer funds from the recently-bankrupted futures brokerage. One of Harris Bank’s branch offices in downtown Chicago was the main repository for MF Global customer money, according to media reports.
In further developments, the firm is reportedly facing at least three lawsuits from former employees over their sudden termination without cause.