Tuesday, January 10, 2012

MF Global - Everyone Has Opinions

Everyone has opinions. We have convictions.
Proclamations are common on Wall Street.
But they are meaningless if you don’t stand by your words.
– 2011 MF Global Print Advertisement


Tonite I was reading the initial complaint filed in the Klinker case. This is the class action suit filed Jan 9, 2012 against Jon Corzine, JP Morgan, and Pricewaterhouse Coopers on behalf of MF Global customers.

I wish Klinker et al well, but I do not recommend that you read this document. It is pretty boring. Typical of the initial complaint in such cases. Lawyers grab every supposition made by a newspaper, uttered by a congressman, etc, and roll 'em up in a long writeup, send it to a judge, and hope they can convince him to let them initiate discovery. Its an application for a fishing license. The parties then argue about the details of the fishing license for a couple of years. After that, things might get interesting.

To my great surprise, and to the lawyers' credit, they began the complaint with a sort of a joke. They put that MF Global quote at top center on the first page. I have never seen that in a legal document before. Thanks guys.

If you want to follow the Klinker case, the docket is available on Pacer. (you have to pay to look at the docket) It is Case 9:12-cv-00005-DWM in the US District Court in Montana.

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