MF Global Customer Again Fails To Block $30M Coverage

Law360, New York (May 22, 2012, 7:25 PM EDT) -- A New York federal judge on Tuesday denied an MF Global Holdings Ltd. customer’s bid for a stay of a bankruptcy judge’s ruling allowing the fallen brokerage’s executives to access $30 million in professional liability coverage for defense costs pending an appeal of that ruling.

U.S. District Judge Katherine B. Forrest said Tuesday that she was unconvinced by Sapere Wealth Management LLC’s assertion that it and other MF Global commodities customers are exclusively entitled to the proceeds of that insurance policy because the proceeds became assets...
To view the full article, register now.