CFTC sues U.S. Bank over Peregrine founder's loans

06/5/2013 | Bloomberg · Reuters · Washington Post, The · Wall Street Journal, The

The Commodity Futures Trading Commission filed a lawsuit against U.S. Bank on Wednesday, saying the bank let Peregrine Financial founder Russell Wasendorf Sr. borrow money even though it knew those loans were secured by assets belonging to Peregrine customers. "This lawsuit is without merit and represents an inappropriate attempt to reassign blame to U.S. Bank," said Tom Joyce, a spokesman for U.S. Bancorp, U.S. Bank's parent.

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