The Futures Industry Association and CME Group have filed an amicus brief in a legal proceeding relating to an insurance claim in the MF Global estate. MF Global’s insurers have declined to cover a $141 million loss caused in 2008 by Evan Dooley. A lower court ruled in favor of MF Global but the case is now on appeal. The brief is intended to ensure that the appeals court understands the structure of the futures markets and the nature of clearing firm obligations, and to minimize the potential for an adverse ruling to set a bad precedent for the industry.
