Peregrine Bankruptcy Trustee Ends Dispute With JPMorgan
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Peregrine Financial Group Inc.’s trustee agreed to settle a dispute with JPMorgan Chase & Co. in a deal that will bring more than $15 million to creditors of the commodities firm, which filed for bankruptcy after its founder looted client accounts.
Under the agreement filed yesterday in U.S. Bankruptcy Court in Chicago, JPMorgan will pay $1.25 million and release $14 million in cash it’s holding as collateral for its claim against Peregrine. JPMorgan also agreed to reduce the size of that claim, the trustee, Ira Bodenstein, said in the filing.