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 continue reading this article...
Join International Investment
Signup and gain exclusive members-only insights
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes
