The Suits Commence: Two Former MF Global Employees Sue Jon Corzine

While the US Attorney General's office, presided by a very much embroiled in the Fast and Furious scandal Eric Holder, who at last check was spending 90% of his time frozen in carbonite, may believe that Jon Corzine is the homo sapiens equivalent of holy water, others appear to not share the sentiment. And as of today, two former employees have proceeded to sue Jon Corzine as 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. The plaintiffs are Monica Rodriguez, the New York-based head of credit for the Americas, and Cyrille Guillaume, the London-based managing director of the commodities and stock division....If employees had known MF Global's true financial state, Zamansky said, "they could have refused to buy in or insisted on compensation arrangements that were all cash." And here is why Corzine's life is about to get very difficult now that the precedent has been set: "The employees did not file suit against MF Global, the company itself, because it is currently undergoing bankruptcy proceedings." One wonders how much more various Attorneys General need to see to perhaps consider to at least question the former CEO of Goldman Sachs, pardon, MF Global.