MF Global Judge Rips $40M Defense Cap Request

By Maria Chutchian (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 directors and officers being sued.

They all urged him to approve the $10 million increase,...

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