Secure Leverage Group, Inc. v. Bodenstein (In re Peregrine Financial Group, Inc.)

MEMORANDUM OPINION

CAROL A. DOYLE, Bankruptcy Judge.

The plaintiffs in this adversary proceeding were customers of Peregrine Financial Group, Inc. who traded in foreign currencies and metals through accounts with Peregrine. They allege four counts, three of which seek a declaratory judgment that Peregrine does not hold the equitable interest in the funds in their accounts based on the account agreement with Peregrine or by operation of a resulting trust or a constructive trust. The fourth count seeks a declaration that the contracts traded by the plaintiffs are “commodity contracts” under §…