Broker sued for £9m after lies over losses

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Raj Gill, an independent trader, is suing MF Global for more than £9.3 million because, he alleges, his account manager there lied about how badly his trades were going and failed to follow his instructions.

Gill claims that, not knowing of his losses, he unwittingly wiped out his entire trading account containing almost £10 million. As Gill continued placing bad bet after bad bet, MF was able to book millions of pounds in commissions. MF's lawyer today told the court the brokerage would admit Gill's allegations of fraudulent misrepresentation but will claim that it was not the cause of his losses.

Gill's lawyer said: "The speed with which MF Global's case has collapsed must not be allowed to detract from the seven years over which it has denied liability, taken every conceivable point, defended the indefensible and used its massive resources to try to bully into surrender the claims of a private individual it came close to destroying."

The case continues.