Montana farmers have filed a class action suit against former New Jersey governor Jon Corzine, charging that the failed financial firm run by Corzine stole millions from their accounts to pay off its spiraling debts, and that Corzine's "single-minded obsession" with making MF Global a big player on Wall Street led to the firm's collapse.I would guess this doesn't stand much of a chance, but you never know.
MF Global's clients included 38,000 wheat farmers, cattle ranchers and others who "hedged" their crop prices by placing millions in MF Global accounts. Those accounts were supposed to be "segregated and secure," according to the federal suit, meaning MF Global could not draw on those funds.
The lawsuit, filed on behalf of all 38,000 customers, alleges that when MF Global made a series of bad investments -- notably in European debt -- it began "siphoning funds withdrawn from segregated client accounts" to cover its debts.
Thursday, January 12, 2012
Farmers Sue Jon Corzine
A class-action suit for victims of the MF Global collapse targets Jon Corzine (h/t nc links):
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It probably doesn't stand a chance, but still awesome that they did it. I'd trust Montana farmers to hold that crook accountable more than I'd trust any lackeys in DC!
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