In July 2012, former customers of Peregrine Financial Group, Inc. (“PFG”), filed class action lawsuits alleging that various individuals and entities had breached legal duties by allowing PFG customer funds to be put to non-customer use. The claims were brought on behalf of former PFG customers with an account at PFG opened for the purpose of trading futures or options on futures on a U.S. futures exchange (“4d Customers”) under Section 4d of the Commodity Exchange Act, 7 U.S.C. § 6d(a)(2).
This website was created to inform class members of a settlement recently reached between the former PFG customers, U.S. Bank, N.A., and the PFG bankruptcy estate. Through the settlement, U.S. Bank agreed to pay $44.5 million and other consideration to resolve all claims against it. Judge Sara L. Ellis granted preliminary approval of the settlement on June 23, 2015.
The settlement was reached on behalf of a class defined as
all persons or entities who held money, property, and/or securities pursuant to 7 U.S.C. § 6d(a)(2) at PFG as of July 10, 2012.
If you believe you may be a member of the settlement class, you are encouraged to read the court-approved notice that describes the benefits of the settlement and your legal rights.
The settlement will not become final, and no money will be distributed, until after the court grants final approval. A hearing has been scheduled for October 13, 2015, to consider whether to grant final approval of the settlement.
Click here for Settlement Notice
Click here for Summary Notice
Click here for Class Action Proof of Claim Form
|Case Name||12-cv-05546 Peregrine Financial Group Customer Litigation|
|Court||Northern District of Illinois|
|Judge||Hon. Sara L. Ellis|
|Complaint Filed Date||July 13, 2012|
|Claims Deadline||August 21, 2015|
|Opt-out, objection deadline||September 22, 2015|
|Approval Hearing||October 13, 2015|
|Co-Lead Counsel||Berger & Montague, P.C.|
1622 Locust Street
Philadelphia, PA 19103
Phone: (800) 424-6690
| ||Girard Gibbs LLP|
601 California St., 14th Floor
San Francisco, CA 94108
Phone: (415) 981-4800
|Defense Counsel||Dorsey & Whitney LLP|
50 South 6th Street, Suite 1500
Minneapolis, MN 55402
Phone: (612) 340-5635