Bankruptcy Judge Carol Doyle yesterday approved the first payout to former customers of failed futures brokerage Peregrine Financial Group, according to the lawyer for the firm's bankruptcy trustee, Reuters reported yesterday. Judge Doyle approved the trustee's plan to return approximately $123 million to futures customers, which amounts to 30 percent to 40 percent of customers' claims. Peregrine Financial Group filed for bankruptcy on July 10, a day after then-Chief Executive Russell Wasendorf Sr. attempted suicide and confessed to stealing more than $100 million from customers over nearly 20 years. Peregrine's customers have had no access to their money since Wasendorf's failed attempt on his own life, outside of the company's headquarters near Cedar Falls, Iowa. The first wave of payouts will happen by Oct. 8 and a second wave will occur before Oct. 29, said trustee Robert Fishman.
