Daily News: October 16, 2013

MF Global Administrator Calls Corzine’s Defense Costs ‘Exorbitant’

The Wall Street Journal reported that the court-appointed administrator of the MF Global wind down is concerned with “exorbitant defense fees” used in support of Jon Corzine and other former executives and managers in the on-going securities fraud lawsuit.

The Journal noted, citing a bankruptcy court filing, that the administrator’s lawyers advised a judge to deny a request by Corzine’s corner to release more insurance money to fund the defense. Accordign to the article, the defense fees exceed $40 million, which “has never been adequately explained or justified,” WSJ quoted the administrator’s lawyers as saying.

To read the entire WSJ article, click here.

Previously on abfjournal: Reuters: MF Global Trustee Seeks Additional $1MM in Fees, August 8, 2013