Tuesday, June 05, 2012

Will Corzine be sued?

James Giddens, the bankruptcy for MF Global's US brokerage unit, is considering just that.  He claims that Corzine breached his fiduciary duties and was negligent. In Giddens' view, MF Global suffered from a "lack of sufficient monitoring and systems, resulted in customer property being used during the liquidity crisis to fund the extraordinary liquidity drains elsewhere in the business."

Giddens is still trying to find customer funds amounting to $1.6 billion.

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