MF Global Investors Win Reversal On Appeal Of The Dismissal Of Securities Class Action Lawsuit Against MF Global Over Alleged Misrepresentations About Risk Management Practices.
The United States Court of Appeals for the Second Circuit (in an appeal styled Iowa Public Employees’ Retirement System et al, v. MF Global Ltd, Appeal No. 09-3919) has reversed the dismissal of a class action lawsuit filed against MF Global Holdings Ltd. (“MF Global”), Man Group Plc (“Man Group”) and various officers, directors and underwriters (collectively “Defendants”) alleging, among other things, that defendants misled investors about MF Global’s risk management practices that allegedly led to a single trader losing about $141 million speculating in wheat futures, according to a class action lawsuit news report.
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