Peregrine CEO's Son: Bank Breached Duty To Prevent Comingling Of Funds

Peregrine CEO's Son: Bank Breached Duty To Prevent Comingling Of Funds

WATERLOO, Iowa - Russell R. Wasendorf Jr., the son of former Peregrine Financial Group CEO Russell R. Wasendorf Sr., on Sept. 19 sued U.S. Bank in an Iowa state court, alleging that it committed fraud by not fulfilling its fiduciary duty to inform Peregrine that it was comingling customer funds with other money used for running the company (Russell R. Wasendorf Jr. v. U.S. Bank, No. LACV119935, Iowa Dist., Black Hawk Co.). Subscribers may view the complaint available within the full article.

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