Thu, Apr 26, 2018
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. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its