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Peregrine Scion Aims to Clean the Slate

Posted: January 7, 2013
By: Jacob Bunge
Source: The Wall Street Journal
Practice Areas: Commercial Litigation, Commodities and Options

In an article discussing the efforts of Russell Wassendorf, Jr., son of the disgraced founder of Peregrine Financial Group, Inc., to move forward with his life in the face of litigation initiated by Peregrine's former clients, Berger & Montague shareholder Michael Dell'Angelo was quoted as saying, "There's no doubt that [Wassendorf, Jr.] who was president and chief operating officer of the company, and who was making strident assurances to customers about the safety of their money, has some measure of culpability."

The litigation is being pursued by 13 Peregrine clients and names as defendants Mr. Wassendorf, Jr., his father, JP Morgan Chase & Co., and a U.S. bank which hosted the account from which the elder Wassendorf embezzled client money.