NEWS
Wed Jun 5, 2013 03:43 PM CDT

WASHINGTON (Dow Jones) -- U.S. regulators on Wednesday sued a unit of U.S. Bancorp for allegedly failing to protect customer funds embezzled by the jailed founder of Peregrine Financial Group Inc., the collapsed futures brokerage.

The complaint comes 11 months after Peregrine's demise shook the futures market, with the trustee liquidating the firm still weighing potential claims against U.S. Bancorp and J.P. Morgan Chase & Co.

The charges filed Wednesday by the Commodity Futures Trading Commission against U.S. Bancorp's U.S. Bank unit revolve around its oversight of bank accounts used by Peregrine founder and Chief Executive Russ Wasendorf Sr. to ...

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