MF Global Suit Against Flowers Tossed

Apr 17 2014 | 9:51am ET

Private-equity firm J.C. Flowers & Co. has been cleared of allegations that it defrauded customers of defunct futures brokerage MF Global Holdings.

U.S. District Judge Victor Marrero yesterday allowed Sapere CTA Fund’s lawsuit against former MF Global CEO Jon Corzine and two other former officials to stand. But he threw out the fund’s claim that Flowers had “control” over Corzine’s conduct and was therefore liable for the 2011 collapse.

Marrero also tossed claims against MF Global board members.

“We are pleased by the court’s decision dismissing the baseless claims against J.C. Flowers,” the firm said.

Corzine, former MF Global chief operating officer Bradley Abelow and former CFO Henri Steenkamp were not so lucky: For the fifth time, a judge has refused to dismiss litigation against them stemming from MF Global’s failure.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note