Most customers have already recovered 89 percent of what they were owed, trustee James Giddens said in a report covering his progress from Dec. 5 to June 4 in overseeing the brokerage’s wind-down. Giddens sees the potential for 94 cents following the completion of settlements with MF Global’s U.K. unit and JPMorgan Chase & Co., according to the report filed in U.S. Bankruptcy Court in Manhattan.

Customers may recover as much as 96 percent following the settlement with JPMorgan, Giddens said. He previously projected customers would get 93 cents on the dollar.

“The trustee’s goal and aspiration remains to return as close to 100 percent of allowed net equity claims as possible for customer property while maximizing value for all creditors,” Giddens said.

A pending lawsuit against the company’s former management, including former New Jersey Governor and Goldman Sachs Group Inc. Co-Chairman Jon Corzine, will affect the size and timing of further distributions, Giddens said.

Resolution of the U.K. and JPMorgan issue will also improve distributions for U.S. customers who traded on foreign exchanges. Those customers, who have received 18 cents on the dollar, eventually should get 84 to 91 cents, Giddens said.

MF Global Holdings Ltd., the brokerage’s parent company, filed for bankruptcy on Oct. 31, 2011, after a wrong-way $6.3 billion trade on its own behalf on bonds of some of Europe’s most indebted nations. The company listed assets of $41 billion and debts of $39.7 billion.

Giddens received 27,000 customer claims.

The holding company’s Chapter 11 case is In re MF Global Holdings Ltd., 11-bk-15059, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The liquidation of the broker is In re MF Global Inc., 11-bk-02790, in the same court.