cheka.
24th July 2016, 10:05 PM
http://www.insurancejournal.com/news/east/2016/07/22/421034.htm
Jon Corzine has settled a lawsuit by the trustee for the former New Jersey governor’s company MF Global Holdings Ltd, as part of a $132 million accord to end much of the remaining litigation over the brokerage’s 2011 collapse.
Lawyers for the trustee Nader Tavakoli and MF Global’s bankruptcy plan administrator on Wednesday night asked a U.S. bankruptcy judge to approve the payout, saying it “provides closure and maximizes recoveries to the estates’ creditors.”
A substantial majority of the payout would be made by insurers on behalf of Corzine and other defendants, including MF Global’s former Chief Operating Officer Bradley Abelow and former Chief Financial Officer Henri Steenkamp.
They have denied mismanaging MF Global, and did not admit liability in agreeing to settle.
Jon Corzine has settled a lawsuit by the trustee for the former New Jersey governor’s company MF Global Holdings Ltd, as part of a $132 million accord to end much of the remaining litigation over the brokerage’s 2011 collapse.
Lawyers for the trustee Nader Tavakoli and MF Global’s bankruptcy plan administrator on Wednesday night asked a U.S. bankruptcy judge to approve the payout, saying it “provides closure and maximizes recoveries to the estates’ creditors.”
A substantial majority of the payout would be made by insurers on behalf of Corzine and other defendants, including MF Global’s former Chief Operating Officer Bradley Abelow and former Chief Financial Officer Henri Steenkamp.
They have denied mismanaging MF Global, and did not admit liability in agreeing to settle.