KPMG’s Joint Special Administrators for Alpari UK Limited, the former broker that became insolvent following the aftermath of the Swiss National Banking (SNB) crisis in January 2015, has released its latest notice reflecting client funds, which entailed a final client money distribution of $0.82 on the USD.
Joint special administrators declared a further round of distribution of $0.27 to the USD with previously agreed client money claims. As such, the total compensation will now equal $0.82 on the USD – the payment will be due to clients who had previously utilized KMPG’s Claims Portal prior to October 30, 2016.
Meet BeSquare: the new tech training program for Malaysian graduatesGo to article >>
Back in December 2016, KPMG had intended to make a final distribution to clients by July 24, 2017. However, the group also noted that it would not be possible to distribute the remaining client funds until after the court gave a final judgement on 9-11 May 2017. With the verdict now given, KMPG has issued a final payment to finally resolve claims for ex-Alpari UK clients.
Clients will be notified via email by June 2, 2017, confirming that a final client money distribution has been made. All along however, KPMG noted that claims of less than $51.5 would be disqualified due to a mandated de minimis threshold that was approved by the UK court. In addition, KPMG’s Joint Special Administrators had not issued the first client money distribution to clients with an amount of $200 or less.
The latest update concludes the attempts of ex-Alpari UK clients to recoup lost funds at the brokerage. Back in September 2016, the English High Court ordered that client money held by Alpari (UK) Limited would be distributed to clients, though KPMG administrators had also planned to make a final distribution of client money, ultimately setting a bar date for claims at the end of October 2016.
Past reports released from KPMG concerning Alpari UK client compensation showed that ex-Alpari UK clients would receive around $0.75-0.80 to the USD – the final payment appears to have exceeded this threshold.