Canadian bank BMO has appealed an $834.2m (CAD1.1bn) charge it has been forced to record after a US jury found the bank liable for $564m in damages in a lawsuit related to one of the largest Ponzi schemes in history.
On Tuesday (8 November), a jury in a Minnesota bankruptcy court held BMO Harris Bank, the US subsidiary of BMO, liable for "aiding and abetting breach of fiduciary duty", according to a court filing. The lawsuit was related to a Ponzi Scheme run by Thomas Petters, a Minnesota businessman, who was found guilty in 2009 of orchestrating a $3.65bn Ponzi scheme and sentenced to 50 years in prison. Hargreaves Lansdown hit by lawsuit over role in Woodford scandal It sought to recover nearly $2bn based on sums Petters transferred from an account at Marshall & Ilsley Bank, which BMO bought ...
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