A unit of U.S. Bancorp (USB -1.1%) is sued by the CFTC for allegedly knowingly facilitating Russ...

|About: U.S. Bancorp (USB)|By:, SA News Editor

A unit of U.S. Bancorp (USB -1.1%) is sued by the CFTC for allegedly knowingly facilitating Russ Wasendorf's embezzlement of customer funds from Peregrine Financial. The bank calls the charges without merit and claims it is a victim of the fraud, "one that the CFTC failed to detect."