The Columns

W&L Law’s Lyman Johnson Serves as Expert Witness in $159M MF Global Settlement

— by on July 27th, 2016

Lyman Johnson, Robert O. Bentley Professor of Law at Washington and Lee University School of Law, served as an expert witness in the recently settled bankruptcy case against Jon Corzine and the commodities firm MF Global.

Corzine is a former U.S. senator and governor of New Jersey. Following his reelection loss to Chris Christie, he become CEO of MF Global. The firm collapsed in 2011 after generating a $1.6 billion shortfall following investment in European sovereign debt.

Corzine and other executives were sued by several entities, including their parent company and stockholders. The $159 million settlement ends all litigation so that the liquidation of the firm can proceed.

In the case, Johnson worked with the law firm Jones Day in its representation of the trustee’s claim for breach of fiduciary duty against Corzine.

Johnson is a nationally known scholar, whose work focuses on business associations, securities regulations, corporate finance, and business planning. His scholarship has appeared in a variety of publications including the Michigan Law Review, Texas Law Review, Boston University Law Review, Columbia Law Review, George Washington Law Review, and the Delaware Journal of Corporate Law.

In addition, Johnson’s scholarship and expert testimony have been employed in several high profile corporate lawsuits in recent years, including the nation’s largest stock options backdating case and a case brought by shareholders of the Walt Disney Company for the way their Board of Directors handled the hiring and firing of Michael Ovitz. Johnson has filed amicus briefs in several recent U.S. Supreme Court cases involving corporate disclosures and shareholder rights.

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