MF Global Judge Rips $40M Defense Cap Request

Law360, New York (June 28, 2013, 6:54 PM EDT) -- A New York bankruptcy judge on Friday demanded an explanation as to how former MF Global Inc. employees have racked up $32 million in defense costs and refused to rule on their bid for another $10 million in insurance proceeds until he gets an answer.

U.S. Bankruptcy Judge Martin Glenn heard arguments from the lawyers present at a hearing Friday who represent MFG Assurance Co. Ltd., U.S. Specialty Insurance Co., XL Specialty Insurance Co., MF Global's Chapter 11 and liquidating trustees as well as the former...
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