The MF Global bankruptcy trustee has sued John Corzine, who used to the head the giant money manager. This has been a long time coming, according to several shareholders of the fund and investors in the fund, since much of their recovery is going to come from the wallets, and D&O insurance policies covering, the former managers and directors of the fund.
The claims are for “gross negligence” in managing the fund. That’s a lot less than what had been reported earlier. To read more, click here.