not too big to fail

Jon Corzine, Seven Banks Sued for MF Global Collapse

NEW YORK, NY - SEPTEMBER 21: Former New Jersey Governor Jon Corzine (L) and wife Sharon Elghanayan attend the Opening Night Gala of New York Philharmonic sponsored by Breguet at Avery Fisher Hall at Lincoln Center for the Performing Arts on September 21, 2011 in New York City. (Photo by Neilson Barnard/Getty Images for The Swatch Group)
Corzine. Photo: Neilson Barnard/2011 Getty Images

A lawsuit seeking damages for investors in the now-bankrupt MF Global names former CEO Jon Corzine, along with units of Bank of America, Citigroup, Deutsche Bank, Goldman Sachs, Jefferies, JPMorgan Chase, and Royal Bank of Scotland, who all collected fees, but failed to foresee the firm’s collapse, according to the suit. Some of MF Global’s customers will start having access to their money, as 60 percent of the company’s cash accounts have been unlocked, while many others still have their life savings frozen.

Corzine, Seven Banks Sued for MF Global Collapse