Lifestyle

Trustee: No More Money For Corzine Lawyers

Oct 16 2013 | 10:11am ET

Calling former MF Global Holdings CEO Jon Corzine's legal bills "exorbitant," the court-appointed trustee for the collapsed futures brokerage has opposed his request for more insurance money to cover them.

Nader Takavoli told U.S. Bankruptcy Judge Martin Glenn that he should reject the bid from Corzine and other former MF Global executives facing lawsuits for an additional $10 million. Glenn blocked the request last month to give an MF Global customer's appeal a chance to be heard.

For their parts, Corzine and his former colleagues have asked Glenn to reconsider.

That is something he should definitely not do, Takavoli wrote.

"From February through September 2013, defense fees incurred to date exceed $40 million, a figure that has never been adequately explained or justified, and which suggests duplication of efforts among the Individual Insureds' professionals," he wrote Friday.

Corzine and the others face nearly two dozen lawsuits stemming from MF Global's collapse two years ago.


In Depth

AIMA: Smaller Firms Remain the Lifeblood of the Hedge Fund Industry

Jul 26 2017 | 5:55pm ET

It is a hedge fund industry truism that the largest managers receive the most attention...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of