MF Global Clients Sue MFG Over $120M Policy Proceeds

Law360, New York (April 6, 2012, 2:31 PM EDT) -- MFG Assurance Co. Ltd. was hit with a putative class action Thursday in New York by MF Global Inc. account holders who seek a ruling that they have a priority claim to $120 million available under errors and omissions policies from the insurer affiliate.

Customers of the broker-dealer unit of MF Global Holdings Ltd., who say their assets should have been segregated in commodities customer accounts before the company's Oct. 31 bankruptcy filing, want access to the $120 million policy issued by Holdings' wholly owned insurer...
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