US Bank Is Complicit In $215M Peregrine Fraud, CFTC Says

Law360, New York (August 15, 2013, 6:04 PM EDT) -- The U.S. Commodity Futures Trading Commission on Thursday bucked U.S. Bank NA’s bid to toss a suit accusing it of helping bankrupt Peregrine Financial Group Inc.’s former CEO misappropriate $215 million in customer funds, arguing the bank is directly liable for violating the Commodity Exchange Act.

The regulator told an Iowa federal court that its complaint contains detailed factual allegations describing U.S. Bank’s knowledge that it was holding Peregrine customer funds regulated by the CEA, its illegal use of those funds and its subsequent gains from...
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Case Title

US Commodity Futures Trading Commission v. US Bank, NA


Case Number

6:13-cv-02041

Court

Iowa Northern

Nature of Suit

Securities/Commodities

Judge

Linda R Reade

Date Filed

June 5, 2013

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