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Law Firms Ready Class-Action Suit for Peregrine Clients

Posted: July 13, 2012
Source: Fox Business
Practice Areas: Commercial Litigation

Two law firms that represented customers caught up in the collapse of MF Global Holdings Ltd. (MFGLQ) have linked up to prepare a class-action lawsuit on behalf of clients of Peregrine Financial Group Inc.

Berger & Montague PC and Collett Legal are discussing such a suit with former customers of Peregrine, which collapsed into bankruptcy this week after its chief executive attempted suicide and regulators alleged hundreds of millions of dollars in client money had gone missing.


Lawyers for the two firms are still evaluating where the case should be filed and which Peregrine officials it should be filed against, though Peregrine CEO Russell Wasendorf Sr. is likely to be named, Mr. Collett said.


Berger & Montague in May was named co-lead counsel for civil lawsuits brought against MF Global, following the January filing of a class-action lawsuit against former MF Global CEO Jon Corzine and other officials of that firm. The action seeks to reclaim missing customer money, with about $1.6 billion in client assets yet to be returned more than nine months following MF Global's demise.


The effort has the backing of the Commodity Customer Coalition, an ad hoc group of asset-management firms and commodity traders formed following the downfall of MF Global in October 2011 to assert the views of clients in bankruptcy court and keep former customers up to date on legal proceedings.

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