BMO ordered to pay $563M in Petters fraud; it's largest financial penalty by a Minnesota jury
The award represents the largest single amount recovered for people who were hurt in Minnesota's worst business fraud.
Source: startribune.com
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Rochester bank pays price for bad bets
Just about anything that could go wrong did go wrong for Home Federal Savings Bank -- and seemingly all at once.
Source: startribune.com
Bankruptcy judge orders trial for BMO Harris Bank in Tom Petters case
U.S. Bankruptcy Judge Kathleen Sanberg concluded BMO Harris Bank lied, gave the court "false and misleading" testimony and "intentionally destroyed and failed to preserve the Minnesota e-mail backup tapes."
Source: startribune.com
High-stakes trial could complicate BMO's deal for Bank of the West
A $1.9 billion lawsuit against Bank of Montreal — which is accused of lying to a judge after a predecessor bank destroyed documents — may go to trial late this year. The legal imbroglio is coming to a head as regulators examine the Canadian banking giant’s proposed acquisition of Bank of the West.
Source: americanbanker.com