Futures Group Says Peregrine Investors' Losses Not Its Fault

Law360 (October 23, 2018, 10:19 PM EDT) -- The National Futures Association asked a New York federal judge Monday to throw out a suit by customers of the Peregrine Financial Group who say the association failed to alert the public of Peregrine’s bad accounting and theft, saying the suit is late and legally weak.

A proposed class of investors who turned to Peregrine as their futures commissions merchant say the NFA led a biased arbitration process against them around the time of the financial crisis and failed to detect a massive fraud perpetrated by Russell Wasendorf Sr., Peregrine’s CEO, until 2012. But the self-regulatory organization said the suit was...

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