News Summary: Trustee threatens to sue Corzine

AP News
|
Posted: Jun 04, 2012 2:51 PM
News Summary: Trustee threatens to sue Corzine

BANKRUPTCY COURT: James Giddens, the trustee overseeing the liquidation of the brokerage MF Global, said in a bankruptcy court filing Monday that he may sue former New Jersey Gov. Jon Corzine for breach of fiduciary duty and negligence.

RISKY TRADES: Giddens said MF Global's business "dramatically changed" after Corzine took over as MF Global CEO in March 2010, by leading the company to trade in unsafe securities and take on far greater risk than comparable companies did.

MISSING MONEY: About $1.6 billion was found to be missing from client accounts when the company failed.