US Bank Says It Never Aided $215M Peregrine Fraud

Law360, New York (August 06, 2013, 2:05 PM ET) -- U.S. Bank NA pressed an Iowa federal court Monday to dismiss the U.S. Commodity Futures Trading Commission's case accusing it of aiding the former head of now-bankrupt Peregrine Financial Group Inc. in misappropriating $215 million in customer funds, arguing it complied with all applicable rules.

While the CFTC contends the bank allowed former Peregrine CEO Russell Wasendorf Sr. to use customer funds for his own purposes despite a legal requirement to keep those funds separate from company funds, U.S. Bank argues that the regulator doesn't allege...
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Case Title

US Commodity Futures Trading Commission v. US Bank, NA


Case Number

6:13-cv-02041

Court

Iowa Northern

Nature of Suit

Securities/Commodities

Judge

Linda R Reade

Date Filed

June 5, 2013

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