James Giddens will oversee the liquidation of MF Global Inc, according to the Securities Investor Protection Corp, which helps recover funds for customers of failed brokerages.
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Giddens has for the last three years also been trustee for the U.S. broker-dealer of Lehman Brothers Holdings Inc, the largest U.S. company to fail. His law firm, Hughes Hubbard & Reed, will be counsel to the trustee.
In a filing with the U.S. District Court in Manhattan, the SIPC said MF Global Inc is "unable to meet its obligations as they mature," justifying the agency's intervention.
The SIPC is a federally chartered agency that supervises brokerage liquidations. Federal law limits SIPC protection to $500,000 per valid claim.
MF Global filed for Chapter 11 protection from creditors after the New York-based company made bad bets on European sovereign debt.
The Federal Reserve Bank of New York terminated on Monday the company's designation as a primary dealer of U.S. government securities.
MF Global's bankruptcy is the seventh-largest in U.S. history. Corzine once ran Goldman Sachs Group Inc and is a former New Jersey senator and governor.
The case is Securities Investor Protection Corp v. MF Global Inc, U.S. District Court, Southern District of New York, No. 11-07750.
(Reporting by Jonathan Stempel in New York; editing by Gary Hill and Andre Grenon)