BMO Triumphs as US Court Voids $564M Verdict in Ponzi Scheme Case

Bank of Montreal (BMO) wins major legal victory in the Petters Ponzi scheme case. The company's U.S. subsidiary, BMO Bank National Association, was granted a verdict by the district court after the U.S. Court of Appeals for the Eighth Circuit overturned a previous jury verdict that had ordered one of its subsidiaries, Harris Bank, to pay $564 million.Background of BMO’s LawsuitThe lawsuit concerns a Ponzi scam run by Thomas J. Petters and a few associated people and businesses (collectively, Petters), who o ...