It’s been a long two years for MF Global, a brokerage firm mired in the throes of bankruptcy proceedings, and it looks like the drama will be drawn out even further now that U.S. Bankruptcy Judge Marin Glenn has ordered the company to resolve issues with insurers.
MF Global went under in October, 2011, and since then, the narrative has only gotten worse. Shortly after the filing, the FBI launched an investigation to determine if more than $700 million in customer funds had gone missing. In November of 2012, a group of MF Global customers added PricewaterhouseCoopers to the lawsuit as a defendant. And in April of this year, Louis K. Freeh, the trustee for the firm, filed a lawsuit against the MF Global’s former CEO, Jon Corzine.