Business Latest News: Corzine Seeks to Dismiss Trustee's Lawsuit Over MF Global Collapse

Wochit 1:00 mins

Jon Corzine and two of his top executives at defunct commodities brokerage MF Global are seeking to have dismissed a lawsuit accusing them of hastening the firm's 2011 collapse. Louis Freeh, the trustee that wound down MF Global's bankrupt parent, filed the lawsuit in April, accusing Corzine of pursuing a high-risk business strategy that culminated in the brokerage's destruction. A combination of oil and gas innovations and well-site cost cuts is rendering the long-vaunted U.S. rig count a less important oilfield indicator than the number of holes in the ground. Trading sources said two high-profile oil traders, Pasi Siitonen and Simon Hutchinson, have left Morgan Stanley's European desk as Wall Street banks struggle to retain talent amid increased regulator scrutiny and a decline in revenues.

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