PricewaterhouseCoopers LLP on Wednesday failed to knock out a $1 billion malpractice lawsuit brought by the administrator liquidating the estate of MF Global Holdings Ltd. U.S. District Judge Victor Marrero in Manhattan denied PwC’s motion to dismiss with this 17-page decision.
MF Global, the defunct brokerage firm headed by former New Jersey Governor Jon Corzine, crumbled in 2011 under the weight of bad bets on more than $6 billion in European sovereign debt acquired through so-called repurchase-to-maturity financing transactions.
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