MF Global trustees seek tighter leash on Corzine’s legal fees

Lawyers for defunct brokerage MF Global on Monday asked a U.S. bankruptcy judge to impose procedures to limit mounting legal fees incurred by Jon Corzine and other former company insiders in litigation over their role in MF’s 2011 collapse. James Giddens, trustee for MF’s former broker-dealer unit, and Bruce Bennett, a lawyer for its defunct parent company, in court papers said former Chief Executive Officer Corzine, former Chief Operating Officer Bradley Abelow and other ex-insiders are mounting exorbitant legal bills through excessive defense tactics. The filings came in response to requests last month by the insiders for a $10 million increase, from $30 million to $40 million, on the money they are allowed to tap from MF Global insurance policies to fund their defense costs. More on Reuters here.