Peregrine Officers, US Bank Failed To Detect Fraud, Suit Says

Law360, New York (August 3, 2012, 10:43 PM EDT) -- Various officers of Peregrine Financial Group Inc., U.S. Bank NA and an auditing firm were hit with a putative class action Friday claiming they failed to take any steps to prevent the massive fraud allegedly run for years by CEO Russell Wasendorf Sr., who is under arrest.

Marcus Ibrahim launched the suit on behalf of customers who held segregated customer accounts with the bankrupt commodities broker, which was the target of a U.S. Commodity Futures Trading Commission lawsuit in July over its alleged failure to maintain...
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