NEW YORK, April 30 (Reuters) – A U.S. judge refused to block former MF Global Holdings Ltd Chief Executive Jon Corzine and other company officials from tapping as much as $30 million of insurance money to defend lawsuits over the futures brokerage's collapse.
Judge Martin Glenn of the U.S. bankruptcy court in Manhattan on Monday rejected a request by three plaintiffs including Sapere Wealth Management LLC to put the funds' release on hold while they appeal his April 10 decision allowing officials to access the money.
Many onetime customers of MF Global, which filed for Chapter 11 bankruptcy protection six months ago, believe the funds should be set aside for them and not go to executives they hold responsible for the company's bankruptcy.
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