MF Global Trustee Sues 'Grossly Negligent' Corzine

Law360, New York (April 23, 2013, 1:01 PM EDT) -- MF Global Holdings Ltd. bankruptcy trustee Louis Freeh on Monday launched a lawsuit against the brokerage firm’s former CEO Jon Corzine and two other executives, claiming they ultimately sank the company through a doomed trading strategy and "grossly negligent" oversight.

Freeh sued Corzine, onetime MF Global President Bradley Abelow and former Chief Financial Officer Henri Steenkamp in New York federal court. In their role as officers of MF Global, the defendants “breached their fiduciary duties of care, loyalty and oversight over the company, and failed to...
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