Jon Corzine, the former chief of MF Global as well as governor of New Jersey and a U.S. senator, could be the target of a lawsuit linked to the brokerage's bankruptcy and disappearence of $1.6 billion in client funds.

Trustee James Giddens said in a report released Monday that he would decide whether to sue Corzine, once a Democratic Party luminary often mentioned as a possible Treasury Secretary, or other former employees, including CFO Henri Steenkamp and assistant treasurer Edith O'Brien, within 60 days for “claims for breach of fiduciary duty and negligence.

Corzine, who was CEO of Goldman Sachs & Co. (NYSE: GS) before entering politics, began ramping up MF Global's investment activity after becoming CEO in 2010.

Nyse Goldman sachs New Jersey Lawsuit