Jefferies Financial Shareholder Appeals Loss in Jet Use Case

A Jefferies Financial Group Inc. shareholder is asking the Second Circuit to take a look at his loss in a derivative suit over how executives used corporate jets, he told a federal judge in New York.

The shareholder sued after the financial services holding company’s board decided not to litigate what he described as some Jefferies executives’ “excessive personal use” of three corporate jets. The refusal was an exercise of the board’s good faith business judgment, so the derivative suit can’t go forward, the U.S. District Court for the Southern District of New York said last week.

The case ...