Monday, December 5, 2011

MF Global lawsuit bypasses company and goes straight to Jon Corzine

Since the CFTC, Attorney General, Obama administration, and every regulator refuses to touch Jon Corzine after the MF Global theft and scandal rocked the commodities world, two former employees have bypassed a lawsuit agains the company and went straight for the man himself on failed fudiciary responsibility.

And as of today, two former employees have proceeded to sue Jon Corzine as fins.com reports. "Two former employees of MF Global have filed a class-action lawsuit against the firm's former Chief Executive Jon Corzine, other senior executives and board directors on behalf of themselves and current and former employees who acquired stock in the company while Corzine led the firm. The lawsuit, filed in the United States District Court for the Southern District of New York, alleges that the defendants provided false information regarding the company's financial condition and made statements that artificially inflated the stock price." Jon Corzine and the board breached their fiduciary duty to their employees and destroyed their careers and retirement savings," Jacob Zamansky, lead counsel for the plaintiffs, said in an email. - Zerohedge

The debate between Bernie Madoff and Jon Corzine comes down to who is protected by the powers that be and who isn't.  Bernie had the hammer brought down on him, while Corzine to this point has been touched with kid gloves.  However, for employees who lost everything because of the massive fraud implemented by the former CEO, they could care less about his political connections and appear to want to make him pay in civil court, which is outside the jurisdiction of his friends Biden and Obama.

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