Broker Sues US Bank Over $200M Peregrine Theft

Law360, New York (November 12, 2013, 8:18 PM EST) -- Commodities broker Fintec Group Inc. hit U.S. Bank NA with a proposed class action in Illinois federal court Monday, accusing the bank of helping to cover up a former Peregrine Financial Group CEO's misuse of over $200 million in customer funds.

The suit, brought on behalf of companies that had independent introducing broker agreements with the now-bankrupt Peregrine, alleges that due to Peregrine's illicit actions, the broker companies were denied commodities and futures commissions they were entitled to and lost security deposits entrusted with Peregrine....
To view the full article, register now.