Corzine To Face Employee's Stock Suit In Federal Court

Law360, New York (August 8, 2012, 6:41 PM EDT) -- A New York federal judge refused on Wednesday to remand to state court a former MF Global Ltd. employee's derivative action against the firm's ex-CEO Jon Corzine, saying his claims relate closely to MF Global's bankruptcy case and the many securities class actions pending before the federal court.

The former employee, Juan Arvelo, claims Corzine and other MF Global board members mismanaged employee stock and savings plans while overseeing the brokerage firm’s spectacular collapse last fall. The plaintiff asserted four New York state law causes of...
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