By Vicki Needham - 03/20/13 03:35 AM EDT
JPMorgan Chase announced a $546 million settlement late Tuesday night with MF Global, almost 18 months after the firm's collapse.
JPMorgan also is relinquishing claims it had on $417 million in MF Global funds that had been returned to trustee James W. Giddens, who represented customers.
The return of customers' funds could have been delayed for two to three years, Giddens said in a release.
Under the agreement, which requires court approval, there will likely be another $300 million headed for customers, according to reports.
Overall, the deal would provide U.S. customers with about 95 cents on the dollar.
Former MF Global head Jon Corzine has largely been blamed for the firm's failure, and has faced scrutiny from lawmakers on Capitol Hill because of the more $1 billion in customer accounts that went missing during its final chaotic days.
MF Global was one of the largest brokerages specializing in futures.
The securities firm's demise shook Washington as well as Wall Street and made Corzine, a former New Jersey governor and Democratic senator, a regular presence on Capitol Hill.
He and other bank officials either refused to answer questions or said they did not know what happened with the missing funds.