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The case is pending in the United States District Court for the Southern District of New York. A copy of the complaint may be obtained from Kaplan Fox or the Court.
The complaint alleges that in March 2010, Corzine, a former CEO of Goldman Sachs Group, Inc. and former Governor of New Jersey, became Chairman and CEO of MF Global and that after Corzine became Chairman and CEO of MF Global, the Company increased its risk and used its own money to trade, including making investments in European sovereign debt that has plummeted in value. Reportedly, Corzine's strategy was to transform the Company from a futures broker into a boutique investment bank.
The complaint further alleges that Corzine's push into more risky and principal trading with the Company's money was central to MF Global's profit-growing plan and transformation, and that Corzine and the other defendants represented that they could grow and transform the business without taking on excessive risk, while maintaining adequate capital and liquidity. Further, it is alleged that while making this transformation, Corzine and the other defendants failed to disclose that the Company was undercapitalized, exposed to excessive risk due to massive bets on debt issued by certain European governments, and did not have proper risk controls in place to manage these risks.
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