Corzine Says Lawsuit Filled With 'Allegations Of Half-Truths'

Nov 8 2013 | 11:01am ET

Former MF Global Holdings CEO Jon Corzine says there is nothing to an amended lawsuit filed against him and other former executives of the collapsed futures brokerage.

The former New Jersey governor last week asked a federal judge to dismiss the lawsuit, filed in September by the MF Global litigation trustee. Corzine said that the suit is noting more than "allegations of half-truths" and a litany of "disparaging characterizations."

The trustee, Nader Takavoli, has accused Corzine, former MF Global chief operating officer Bradley Abelow and former CFO Henri Steenkamp of acting "recklessly" and with "gross negligence" during the firm's final days, when $1.6 billion in customer funds went missing, used to cover investments in foreign debt.

But Corzine said that he and his colleagues never intended for the funds to be misused and that they didn't act in bad faith. His lawyers wrote that the transfers were part of a new business plan.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note