7th Circ. Affirms Peregrine Win In Commodities Fraud Suit

Law360, Los Angeles (July 19, 2013, 4:10 PM ET) -- The Seventh Circuit on Friday upheld a dismissal of a commodities fraud suit brought by Prestwick Capital Management Ltd. against Peregrine Financial Group Inc. that sought to recoup investments allegedly depleted during commerce involving an underfunded trading pool.

In 2009, Prestwick sued Peregrine, Acuvest Inc. and Acuvest affiliates alleging violations of the Commodity Exchange Act and seeking to reclaim the remainder of its limited partnership interest in Maxie Partners LP, which is roughly $4 million. In 2011, a district court granted Peregrine's motion to dismiss claims...
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