MF Global chief Jon Corzine faces legal action over broker-dealer's collapse In a report to the bankruptcy court, James Giddens, the trustee, said "claims of breach of fiduciary duty and negligence may be asserted against" Mr Corzine and other former top executives, including Henri Steenkamp, the ex-chief financial officer, and Edith O'Brien, former assistant treasurer. Mr Giddens said he would decide within 60 days whether to sue directors for some of the hundreds of millions of dollars of MF Global's customer money that was lost in the firm's final hours last year. JP Morgan, which acted for MF Global, could also face legal action. It has returned about $89m (£58m) of customer property and $518m of MF Global assets but Mr Giddens said he could sue the bank if an agreement over further returns was not struck. "I have determined there may be valid claims against individuals and entities," Mr Giddens said. In my capacity as trustee, I will make every effort to ensure that such claims result in the greatest possible returns to customers, whether those claims are pursued by my office or others. My investigation has concluded that management's actions, along with the lack of sufficient monitoring and systems, resulted in customer property being used during the liquidity crisis to fund the extraordinary liquidity drains elsewhere in the business. The customer shortfall amounts to about $1.6bn. Many clients were individual investors and farmers who used commodities contracts as part of their normal course of business. Mr Corzine, a former US senator and New Jersey governor who made his fortune as the head of Goldman Sachs, was the architect of MF Global's collapse, the report alleged. "MF Global's business dramatically changed after Jon Corzine took over," it said. The company moved from being a modest customer and proprietary security business into a full-service global investment bank, with new lines of business that increased demands for daily liquidity.