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

Nov. 8, 2022, 9:43 PMUpdated: Nov. 8, 2022, 10:41 PM

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 ...