Corzine’s MF Global Settles Platinum, Palladium Fixing Claims

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The failed MF Global Holdings Ltd. and its broker-dealer unit have agreed to settle class action lawsuits accusing them of manipulating platinum and palladium prices.

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The proposed settlements, disclosed in court papers filed late Wednesday in Manhattan federal court, call for plaintiffs to receive nearly $21.1 million in allowed claims against the broker-dealer in its liquidation proceeding, Reuters reported.

They also call for plaintiffs to receive $5.25 million in cash from MF Global’s insurer, and another $1 million from MF Global itself in exchange for assigning their claims against a former trader to the company. MF Global was led by former New Jersey Governor Jon Corzine before its spectacular fall from grace.

The plaintiffs include both purchasers or sellers of platinum or palladium futures from June 2006 to April 2010, and purchasers of the metals in the physical market during that time.

After two changeless days, the price of US palladium bar closed at $769.00 per ounce on Wednesday, November 12. The price of Chinese palladium bar increased 0.6% to CNY 169.00 ($27.52) per gram. The price of Japanese palladium bar nudged up 0.4% yesterday, closing at JPY 2,818 ($25.88) per gram.

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Chinese platinum bar gained 0.4% to finish at CNY 254.00 ($41.36) per gram. Japanese platinum bar closed 0.3% lower at JPY 4,455 ($40.92) per gram. At $1,194 per ounce, the price of US platinum bar was essentially unchanged.

The price of Indian gold bullion increased 1.1% to INR 26,012 ($424.30) per 10 grams. US gold bullion finished the day up 1.0% to $1,163 per ounce. After a 0.9% increase, Chinese gold bullion finished the day at CNY 229.79 ($37.41) per gram. Japanese gold bullion prices saw a 0.8% decline to JPY 4,262 ($39.15) per gram.

US silver prices inched up 0.6% to $15.70 per ounce. Chinese silver prices rose 0.4% to CNY 3,425 ($557.66) per kilogram. At INR 35,475 ($578.66) per kilogram, Indian silver fell 0.2% yesterday. The price of Japanese silver held steady at JPY 572.00 ($5.25) per 10 grams.

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