Broker Files Putative Class Action, Says US Bank Was Complicit In Peregrine Fraud

Broker Files Putative Class Action, Says US Bank Was Complicit In Peregrine Fraud

CHICAGO - Fintec Group Inc., a commodities broker that did business with bankrupt Peregrine Financial Group Inc., on Nov. 11 filed a putative class action against US Bank NA in the U.S. District Court for the Northern District of Illinois, alleging that it was complicit in the fraud perpetrated by Peregrine, which misappropriated $200 million in customer-segregated funds (Fintec Group Inc. v. US Bank NA, No. 13-08076, N.D. Ill.).

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