Judge Louis Freeh is uniquely positioned to influence the practical application of corporate-governance principles — and he is strongly encouraged to do so.
The estimable former FBI director is playing a leading role in the resolution of two of the most prominent organizational dramas of the year — directing the internal investigation of the Pennsylvania State University sex abuse scandal and serving as the Chapter 11 bankruptcy trustee for the estate of MF Global Holdings Ltd. and MF Global Finance USA Inc. In the former, he is expected to issue a report analyzing the facts, reaching certain conclusions and making recommendations intended to correct identified breaches of law, ethics and judgment. In the latter, one of his express statutory responsibilities is to investigate and report “fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity in the management of the affairs of the debtor.” In particular, he is authorized to assert and prosecute any claims for breach of fiduciary duties on behalf of the MF Global debtors and their estates.
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