MF Global
Our clients worked in the new commodities trading company and parent that was heading to the top of Wall Street brokerages. It was started and owned by Jon Corzine, the ex-New Jersey governor and CEO of Goldman Sachs. Its sudden collapse was a major news story that led to tense, public Congressional hearings over how billions of customer’s dollars could have been put at such risk, and apparently lost. About 1,500 employees were let go without notice. Jack and René with others settled the case for millions of dollars.
PFGBest
Just month after the MF Global collapse, PFGBest, a futures broker in Iowa, was accused of misappropriating over $200 million of customer funds. Its CEO attempted suicide, was tried and convicted. Our clients lost their jobs without notice, but René and Jack negotiated the settlement of their WARN class action for over a million dollars. The case is ongoing.