The SIPA trustee of collapsed futures broker MF Global, Inc. (“MFGI”) recently issued letters to many IBs asserting that the trustee may file preference actions to recover commission payments made by MFGI to the IBs within 90 days of MFGI’s October 31, 2011 bankruptcy filing. The letter indicates that IBs should contact an attorney in the trustee’s office by September 20, 2013 to discuss the issue. Depending on individual IBs’ particular facts and circumstances, there are a number of defenses and arguments that the IBs may be able to assert to such preference actions. IBs should analyze how these defenses…