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...
To view the full article, register now.




Case Information

Case Title

Ibrahim v. Wasendorf, Sr. et al

Case Number



Illinois Northern

Nature of Suit



Honorable Sharon Johnson Coleman

Date Filed

August 3, 2012

Law Firms


Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.