MF Global fined $1.21 billion

MF Global must pay back $1.21 billion to ensure customers recover the losses sustained when the brokerage firm failed in 2011.

The restitution is being levied following a complaint filed by the Commodity Futures Trading Commission this year, alleging that MF Global unlawfully used customer funds for the firm’s needs.

MF Global Holdings, the New York-based parent company, imploded in October 2011 after making big bets on bonds issued by European countries that later turned sour. When it collapsed, more than $1 billion in customer money was discovered to be missing. It was later discovered that the funds were used to pay for the company’s operations. With $41 billion in assets, MF Global accounted for the eighth-largest corporate bankruptcy in U.S. history.

The commission said Monday that a federal court has approved the consent order for the fine for customer repayment.

MF Global also faces a $100 million civil penalty that must be paid after it has fully paid customers and certain creditors.

— Associated Press

Fast food
McDonald’s has a need for speed

McDonald’s is trying to put the fast back in fast food. Amid slowing sales and service, the world’s largest burger chain is banking on a third drive-through window to speed things up.

Currently, patrons in cars pull up to one window to pay for their order, then pick up their meal at another window.

But starting next year in new and rebuilt restaurants, McDonald’s will implement what it calls a Fast Forward Drive-Thru. The arrangement will allow customers whose orders aren’t ready to bypass the second window and pull up to a third window to wait.

“This test, along with other recent additions like double-lane and side-by-side drive-throughs, will enable us to better serve more customers quickly with the fast, friendly service they have come to expect from McDonald’s,” spokeswoman Lisa McComb said in a statement.

McDonald’s says its first drive-through opened in 1975 near an Arizona military base, serving soldiers prohibited by their commanders from leaving their cars while in uniform.

— Los Angeles Times

Also in Business

— From news services

Coming Today