Broker Sues US Bank Over $200M Peregrine Theft

Law360, New York (November 12, 2013, 8:18 PM ET) -- Commodities broker Fintec Group Inc. hit U.S. Bank NA with a proposed class action in Illinois federal court Monday, accusing the bank of helping to cover up a former Peregrine Financial Group CEO's misuse of over $200 million in customer funds.

The suit, brought on behalf of companies that had independent introducing broker agreements with the now-bankrupt Peregrine, alleges that due to Peregrine's illicit actions, the broker companies were denied commodities and futures commissions they were entitled to and lost security deposits entrusted with Peregrine....
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