The case of MF Global is unique, since the company, going under, used the customers' accounts, which should have been protected. In other words, executives stole about $1.6 Billion in customers' funds, and got off scott free... patronized by the US government and the courts to this date. jz
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MF Global judge nixes customer group's bid to depose Corzine
By Nick Brown | Reuters – 21 hours agoRELATED CONTENT
- Former MF Global CEO Jon Corzine testifies before a House Financial Services Committee …
NEW YORK (Reuters) - A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine.
In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case.
The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.
But the coalition itself is merely a "'watchdog' entity with its own independent goals," hoping to depose Corzine "in furtherance of its own interests" rather than those of the MF Global estate, Glenn said in his decision.
Koutoulas, reached by phone on Tuesday, dismissed that reasoning as "the most minute technicality imaginable.
"I could have filed 10,000 versions of the motion, one on behalf of each customer we represent," Koutoulas said, adding that the coalition is considering appealing the decision.
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