US Bank Can't Escape Suit Over $215M Peregrine Fraud

Law360, Los Angeles (November 5, 2013, 6:58 PM EST) -- An Iowa federal judge refused to dismiss the U.S. Commodity Futures Trading Commission's lawsuit accusing U.S. Bank NA of helping bankrupt Peregrine Financial Group Inc.’s former CEO misappropriate $215 million in customer funds, saying Tuesday the commission has adequately pled its claims.

U.S. District Judge Linda R. Reade said the CFTC's complaint contained sufficient factual allegations that U.S. Bank knew it was holding Peregrine customer funds subject to the Commodity Exchange Act, was illegally using those funds and benefited from the purported violations.

A U.S. Bank representative...
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Case Information

Case Title

US Commodity Futures Trading Commission v. US Bank, NA

Case Number



Iowa Northern

Nature of Suit



Linda R Reade

Date Filed

June 5, 2013

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