NOTICE OF SETTLEMENT OF
IN RE PEREGRINE FINANCIAL
GROUP CUSTOMER LITIGATION
On October 13, 2015, United States District Court Judge Sara L. Ellis entered a series of Orders, which resolved the pending customer class action brought against U.S. Bank National Association (“U.S. Bank”) Civil Action No. 12-cv-5546. The Orders which were entered are as follows:
i. Final Judgment and Order of Dismissal with Prejudice;
ii. Order Approving Plan of Allocation;
iii. Order Awarding Attorneys’ Fees and Expenses; and
iv. Order Awarding Service Awards.
As a result of the settlement, U.S. Bank will be making a payment of $44.5 million dollars to resolve all claims. Of that amount, the court approved legal fees for the class lawyers in the amount of $13,795,000 and expenses of $437,440. The court also approved services awards to the named plaintiffs in the class action totaling $45,000.
Under the Plan of Allocation:
- For “New Claimants” (Class members who do not have allowed claims in the bankruptcy action), each “shall receiver a share of the Net Settlement Fund that is determined by multiplying the amount of such New Claimant’s timely claim as approved in the Customer Class Action by a payment ratio computed as: the Net Settlement Fund divided by $215,000,000.00.” The amount to be distributed to New Claimants is capped at 50% of the Net Settlement Fund.
- For Class members with allowed claims in the bankruptcy case: “After the determination of the aggregate amount to be disbursed to the New Claimants, the balance of the Net Settlement Fund shall be transferred to the Trustee for distribution to Settlement Class Members who hold Allowed Claims in the Bankruptcy Case.”
The Trustee estimates the balance of the “Net Settlement Fund” will be approximately $30,000,000. Upon receipt of the balance of the “Net Settlement Fund” the Trustee will file a motion with the bankruptcy court to authorize a further distribution to 4d claimants with Allowed Claims. The Trustee anticipates the distribution will be made in the first quarter of 2016.
New Announcement 05/27/2014
Notice of Withdrawal of Trustee’s Settlement Offer to Forex and OTC Metals Claimants
To: Forex and OTC Metals Claimants of Peregrine Financial Group, Inc.
On May 27, 2014, the Bankruptcy Court entered a Judgment resolving the Secure Leverage lawsuit in the Trustee’s favor. Pursuant to the terms of the Bankruptcy Court’s order authorizing the Forex-OTC Metals Settlement Offer (“Settlement Offer”), the Settlement Offer remained open only until such time as the Bankruptcy Court fully resolved the Secure Leverage lawsuit. Accordingly, the Settlement Offer is withdrawn effective immediately.
Any Forex and OTC Metals claimants that accepted the Settlement Offer must send an executed copy of the Settlement Agreement and Notice by e-mail or facsimile so that it is actually RECEIVED by Rust/Omni at the address below on or before 11:59 p.m. Pacific Time on May 27, 2014. If the Settlement Agreement and Notice is sent by mail, the Trustee will also accept the Settlement Offer if the envelope is postmarked on or before May 27, 2014.
Peregrine Financial Group, Inc. dba PFG BestAttn: Forex Settlement5955 De Soto Ave., Suite 100Woodland Hills, CA 91367 firstname.lastname@example.org: 818-783-2737
Announcement Regarding Fraudulent Mass E-Mails to PFG Customers and Creditors
It has come to the Trustee’s attention that fraudulent e-mails, purporting to be sent by a person affiliated with the Trustee, have been sent to certain customers and creditors of PFG. Please be advised that these e-mails are a scam and do not originate from the Trustee’s office. The Trustee advises any customer or creditor who receives this e-mail message to ignore and delete it. The Trustee is in the initial stages of investigation with respect to these messages and is in process of determining the proper law enforcement authority to notify. Click here to view the fraudulent e-mail.
Beginning on October 19, 2012, former customers of Peregrine Financial Group (PFG) may obtain information regarding the availability of their funds which the PFG Trustee will distribute to Vision Financial Markets (Vision) by visiting Vision’s Web site at www.VisionFinancialMarkets.com.
To submit a Proof of Claim click here.
POC FAQs available here.
Notice of Returned Account
Deferred Accounts Update
IMPORTANT MESSAGE FOR FOREX AND METALS CUSTOMERS AVAILABLE HERE.
Message from the Uni
|Main Debtor||Case No. 12-27488 Peregrine Financial Group, Inc. dba PFG Best|
|United States Bankruptcy Court||Northern District of Illinois|
|Judge||Hon. Carol A. Doyle|
|Petition Filing Date||July 10, 2012|
|Claims Bar Date||December 14, 2012|
|Government Bar Date||January 11, 2013|
|Amended Bar Date||March 15, 2013|
|Record Date for Third Distribution||December 4, 2014|
|Chapter 7 Trustee||Ira Bodenstein|
Shaw Fishman Glantz & Towbin LLC
321 N Clark Street Suite 800
Chicago, IL 60654
Phone: (312) 541-0151
|Attorneys for Trustee||Shaw Fishman Glantz & Towbin LLC|
321 N. Clark St., Suite 800
Chicago, IL 60654
Phone: (312) 541-0151
|Receiver for Russell R. Wasendorf, Sr. appointed by the United States District Court for the Northern District of Illinois||Michael M. Eidelman|
222 North LaSalle Street
Chicago, IL 60601
Phone: (312) 609-7500
|United States Trustee||U.S. Trustee|
Office of the US Trustee
219 S Dearborn St, Room 873
Chicago, IL 60604
Phone: (312) 886-5785