Bankrupt Peregrine Faces WARN Suit

Law360, New York (July 11, 2012, 6:34 PM EDT) -- Peregrine Financial Group Inc. was hit Tuesday with a class action in Illinois federal court alleging the bankrupt brokerage failed to provide sufficient notification before initiating mass layoffs, as questions mount over the unexplained disappearance of $200 million in client funds.

Ronald Kotulak alleges he was among several workers who lost their jobs as Peregrine — which does business as PFGBest — faces suspicions of widespread fraud. His proposed class action against the embattled firm claims his former employer violated the Worker Adjustment and Retraining Notification...
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