Trustee’s Objection Leads To Peregrine Class Action Stay

Law360, New York (May 10, 2013, 5:40 PM EDT) -- A federal judge in Chicago on Friday put a hold on class action litigation over Peregrine Financial Group Inc.’s failure after the estate’s bankruptcy trustee found potentially “viable claims” against JPMorgan Chase & Co. and U.S. Bank N.A. over the handling of customer funds.

Judge Sharon Johnson Coleman ordered the 60-day stay after Chapter 7 trustee Ira Bodenstein said in a bankruptcy court filing that although his investigation into Peregrine's failure was ongoing, he had found enough evidence against the failed firm's founder, Russell Wasendorf and...
To view the full article, register now.