Mealey's Bankruptcy - US Bank: Standing Lacking For Broker's Fraud Action Tied To Peregrine Bankruptcy

Mealey's Bankruptcy - US Bank: Standing Lacking For Broker's Fraud Action Tied To Peregrine Bankruptcy

CHICAGO - US Bank N.A. on Feb. 13 filed a brief in the U.S. District Court for the Northern District of Illinois supporting its motion to dismiss a lawsuit brought by a commodities broker that alleges that the bank was complicit in the fraud perpetrated by bankrupt Peregrine Financial Group Inc., which misappropriated $200 million in investment funds that were to remain segregated for individual customers (Fintec Group Inc. v. US Bank NA, No. 13-08076, N.D. Ill.).

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