Sat, Jan 31, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Peregrine Financial trustee claims 'viable’ claims against two banks

Monday, May 13, 2013

From Precy Dumlao, Opalesque Asia – Peregrine Financial’s court-appointed trustee Ira Bodenstein claims he has viable claims against JPMorgan Chase & Co and U.S. Bancorp, and said the banks did harm to clients of the now-defunct brokerage, Reuters reported last week.

In a filing before a federal bankruptcy court in Chicago, Bodenstein told the court that the lawsuit filed by former Peregrine clients against Peregrine’s founder and CEO Russell Wasendorf Sr. and his son Russell Jr. could interfere with his efforts to recover funds and return them to the brokerage’s customers and creditors.

According to Bodenstein’s statement of cash as of April 15, JPMorgan holds $18.2m and U.S. Bank holds $6m of Peregrine Financial's funds. But the banks said not all the money belong to Peregrine.

No decision has yet been made to pursue the banks, according to a court document filed late Wednesday, said The WSJ. Bodenstein on Thursday secured more time to decide, after a Chicago bankruptcy court agreed to put on hold for 60 days a separate lawsuit filed by former clients of Peregrine against the banks, as well as Russell Wasendorf Sr.

Peregrine Financial Group collapsed in the summer 2012.

......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Ex-Citi trader launches 'sleep-at-night’ long/short equity fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: After working at Citi's proprietary trading desk, managing a large portfolio between 2008 and 2011, Joel S. Salomon founded SalaurMor Management in New Yor

  2. Investing - U.S. investors favor currency hedged Europe ETFs as euro tumbles, Quants win back investors as Swiss franc fuels volatility gains, David Einhorn's $7bn hedge fund is loading up on this stock, Hedge fund BlueMountain Capital unveils Ocwen Financial short, claims default on notes[more]

    U.S. investors favor currency hedged Europe ETFs as euro tumbles From Reuters.com: U.S. investors stung by the falling euro who want to stay invested in Europe are turning to exchange-traded funds designed to strip out the impact of the region's currency. The biggest among so-called "cur

  3. News Briefs - Millennials use tech tools to jump into investing, Winklevoss twins to launch bitcoin exchange with FDIC insured deposits, Robertson’s legacy from hedge funds to New Zealand, Real estate managers exploring smaller open-end funds[more]

    Millennials use tech tools to jump into investing It is the Facebookification of monetary investing. From social networking platforms that enable young investors to stick to every other's stock-picking mojo, to internet sites for initially-timers hungry for a piece of the Silicon Valley

  4. Update: Prosecutors seek 12 years for hedge fund manager Francisco Illarramendi[more]

    Komfie Manalo, Opalesque Asia: Federal prosecutors have asked the court to sentence convicted hedge fund manager Francisco Illarramendi to 12 years imprisonment for running an elaborate Ponzi scheme that bilked investors hundreds of millions in dollars, including a Venezuelan pension fund, report

  5. Institutions - Ontario pension fund leader calls all asset classes ‘expensive’, Taiwan's BLF plans $2bn in alternative mandates[more]

    Ontario pension fund leader calls all asset classes ‘expensive’ From WSJ.com: The head of one of the world’s largest pension funds said that across asset classes, “everything is expensive.” Ron Mock, who leads Canada’s $141 billion Ontario Teachers’ Pension Plan, said that the plan would