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MF Global Trustee Threatens Suit Against Corzine

The trustee overseeing the liquidation of the brokerage MF Global says he may sue former New Jersey Gov. Jon Corzine.

Jon Corzine
Mark Wilson, Getty Images

Trustee James Giddens is in charge of recovering $1.6 billion in customer money after the company collapsed last fall. Giddens made the disclosure in a report filed Monday with a New York bankruptcy court.

Giddens says Corzine led MF Global to trade in unsafe securities and take on far greater risk than at comparable firms. He says he may sue Corzine for breach of fiduciary duty and negligence.

Corzine declined comment through a spokesman. MF Global filed for bankruptcy protection after deep losses from a disastrous bet on European debt.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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