BMO Harris Bank Found Partly Liable in Petters Ponzi Plot (1)

BMO Harris Bank NAis on the hook for nearly $564 million in damages because its predecessor aided and abetted a breach of fiduciary duty in connection to its client, Tom Petters, who ran a Ponzi scheme for which he was sentenced to 50 years in prison in 2010.

The jury awarded $484 million in actual damages, and $79 million in punitive damages, according to the bankruptcy trustee of Petters’ company, Doug Kelley. He told Bloomberg Law on Tuesday that, when pre-judgment interest is added to the verdict, it will be approximately $1 billion.

Tom Petters and other co-conspirators allegedly ...