Thursday, 5 May 2016
Last updated 19 hours ago
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.