Jon Corzine was sued yesterday by the bankruptcy trustee liquidating MF Global Holdings Ltd., who accused the former chief executive of negligently pursuing a high-risk business strategy that culminated in the commodities brokerage's destruction, Reuters reported yesterday. The trustee, Louis Freeh, said in the lawsuit that Corzine and two top deputies overhauled MF Global's business without addressing "systemic weaknesses" in oversight and monitoring. Freeh said that the officials breached their fiduciary duties to shareholders and failed to act in good faith, wiping out more than $1 billion in value by the time of MF Global's Oct. 31, 2011, bankruptcy.
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