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Corzine, banks fail to win dismissal of MF Global lawsuit

A federal judge on Tuesday rejected a bid by former MF Global Holdings Ltd chief executive Jon Corzine to dismiss investor litigation seeking to hold him, other executives and many banks responsible for the futures brokerage’s rapid collapse. In a sometimes acerbic decision that likened MF Global’s demise to a “massive train wreck,” U.S. District Judge Victor Marrero in Manhattan rejected the defendants’ contention that the company’s October 31, 2011, bankruptcy was beyond their control, and not the product of securities fraud. More on Reuters here.

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