On 31 October 2011, in response to the insolvency proceedings of MF Global in both the U.S. and the UK, Reed Smith launched the MF Global Task Force to assist clients who have been or will be affected by the MF Global situation. MF Global was one of the world's leading broker/dealer firms and its insolvency will have far-reaching consequences across the globe.
The Task Force will regularly post updates on developments in the proceedings in the U.S. and the UK. We will also monitor the progress of the UK's first Special Administration Regime and how the Defaulter Regime under the London Metal Exchange/LCH Rules is being implemented in practice. The European sovereign debt crisis has contributed to the insolvency of this U.S.-based firm. This is likely to have broad implications for other firms holding similar assets. Making the most of Reed Smith's global presence to gather information (for example, we had a colleague attend the first-day hearings for the Chapter 11 proceedings), the Task Force will keep up to date on events as they unfold and react promptly to them.
The Task Force is led by Kyri Evagora (joint-head of the Energy & Natural Resources Group) and Georgia Quenby (practice leader of the EME & Asia Corporate Restructuring & Bankruptcy Group). Task Force members include partners, counsel and associates with experience in insolvency, financing, financial markets and commodities trading in both the UK and the U.S., who can offer a wealth of experience to clients looking to minimise any losses or learn valuable lessons from MF Global. The Task Force is part of Reed Smith's commitment to providing unique and integrated legal services to its clients in dealing with events in a proactive way.
For additional information on the Reed Smith MF Global Task Force, please contact Kyri Evagora at +44 20 3116 2914 or Georgia Quenby at +44 20 3116 3689, or any other member of the MF Global Task Force.