US Bank executive Tom Joyce says a lawsuit accusing the lender of aiding Russell Wasendorf Sr., the founder of Peregrine Financial Group, in a $200 million fraud is meritless. The suit contends that US Bank knew Wasendorf was misusing corporate accounts and did nothing about it. Joyce said the suit, filed by Peregrine President Russell Wasendorf Jr., is "an outrageous attempt by the Wasendorfs to deflect the blame and the financial obligations from the collapse of Peregrine."

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