UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF ILLINOIS

EASTERN DIVISION

In re Peregrine Financial Group Customer 

Litigation

Civil Action No. 12-cv-5546

Judge Sara L. Ellis

Magistrate Judge Daniel G. Martin

PLAINTIFFS’ MOTION FOR FINAL APPROVAL OF 

CLASS ACTION SETTLEMENT AND PLAN OF ALLOCATION

Plaintiffs, individually and on behalf of the certified Class, hereby move for final

approval of the proposed class-wide settlement (the “Settlement”) with Defendant U.S. Bank, 

N.A. and with Ira Bodenstein in his capacity as Chapter 7 Trustee for the estate of Peregrine 

Financial Group, Inc. (“PFG”). In support of their Motion, Plaintiffs state as follows:

1. The proposed Settlement mutually resolves claims between Plaintiffs, U.S. Bank, 

and the Trustee. Pursuant to its terms: U.S. Bank will make a cash payment to the proposed 

Settlement Class of $44.5 million and, upon final approval, the Bank will dismiss its appeal of 

the same Class’s earlier settlement with defendant JPMorgan Chase Bank, N.A., freeing up an 

additional $11 million for distribution to the Class.

2. As explained in Plaintiffs’ Memorandum of Law accompanying this Motion, 

which is incorporated herein by reference, the Settlement satisfies the applicable legal tests for 

final approval, adequate notice was provided to the Class consistent with the Court’s order 

preliminarily approving the settlement, and the Plan of Allocation is fair and reasonable.

3. The proposed Settlement is fair, reasonable, and well within the range of possible 

approval as per the factors courts in this Circuit have prescribed for considering final approval.

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a. The $44.5 million recovery for the Class is an excellent result in light of 

the strengths, weaknesses, and uncertainties of Plaintiffs’ claims. 

b. The Settlement will spare Plaintiffs and the Class the time and expense of 

litigating this highly technical case against U.S. Bank. 

c. All seven Class Representatives support the Settlement, and no Class 

member has objected to it. 

d. Plaintiffs’ counsel, who are highly experienced in class action and 

complex litigation, believe the Settlement is a favorable result for the Class. 

e. Counsel have adequate information to make a fully-informed assessment 

of the Settlement based on their extensive factual investigation. 

f. The Settlement is the result of arms-length negotiation and does not 

unfairly favor Plaintiffs or Class Counsel.

4. The individual notice given to the members of the Settlement Class who could be 

identified through the Trustee’s records in the Bankruptcy Case and any additional reasonable 

effort was fair, adequate, and the best notice practicable under the circumstances. 

5. The proposed Plan of Allocation is fair and reasonable and appropriately tailored 

to the facts at issue in this case.

WHEREFORE, Plaintiffs respectfully request that the Court:

(1) enter an Final Judgment and Order of Dismissal With Prejudice, substantially in the 

form attached hereto, finally approving the Settlement and dismissing Plaintiffs’ and the Class’s 

claims against U.S. Bank with prejudice;

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(2) enter an Order, substantially in the form attached hereto, approving the Plan of 

Allocation of the Settlement proceeds (net of attorneys’ fees and reimbursed expenses), as 

proposed by Class Counsel.

Dated: September 8, 2015

Respectfully submitted,

/s/ Michael Dell’Angelo 

Merrill G. Davidoff 

Michael C. Dell’Angelo 

Jennifer MacNaughton 

BERGER & MONTAGUE, P.C. 

1622 Locust Street 

Philadelphia, PA 19103 

Telephone: (215) 875-3000 

Facsimile: (215) 875-4604

mdellangelo@bm.net 

Daniel C. Girard

David Stein

GIRARD GIBBS LLP

601 California Street, Suite 1400

San Francisco, CA 94104

Telephone: (415) 981-4800

Facsimile: (415) 981-4846

dcg@girardgibbs.com

Co-Lead Counsel for Plaintiffs 

and the Proposed Class

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CERTIFICATE OF SERVICE

I hereby certify that on September 8, 2015, a copy of the foregoing document was filed

electronically with the United States District Court for the Northern District of Illinois. Notice of

this filing will be sent by email to all parties by operation of the Court’s electronic filing system

or by mail to anyone unable to accept electronic filing as indicated on the Notice of Electronic

Filing. Parties may access this filing through the Court’s CM/ECF System.

By: /s/ Michael Dell’Angelo 

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