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...
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