CFTC fights motion to toss Peregrine suit against U.S. Bank

08/16/2013 | Reuters

The Commodity Futures Trading Commission has asked a federal court to refrain from dismissing its lawsuit against a unit of U.S. Bancorp regarding the collapse of Peregrine Financial Group. The CFTC alleges that U.S. Bank allowed Peregrine founder Russell Wasendorf Sr. to take out loans secured by clients' money. U.S. Bancorp spokesman Tom Joyce has called the case "an inappropriate attempt to reassign blame to U.S. Bank."

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