Milbank represents MF Global's Chief Risk Officer during congressional investigation and convinces plaintiffs to drop him as named defendant in class action litigations
Milbank represents the Chief Risk Officer of MF Global, a financial derivatives and commodities brokerage firm that suffered a major liquidity crisis in October 2011. While attempting to find a buyer for the firm, it was discovered that MF Global was unable to account for several million dollars of customer funds. MF Global was ultimately forced to file for bankruptcy protection. In the wake of MF Global's bankruptcy, multiple plaintiffs filed class action lawsuits, alleging violations of the Securities Act and the Commodities Exchange Act. Congress also commenced its own investigation and convened several hearings into MF Global's collapse.
We successfully represented MF Global's Chief Risk Officer throughout the Congressional investigation, including a widely publicized Congressional hearing. We also successfully convinced class counsel to drop the Chief Risk Officer as a named defendant from their suits.
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