Bank officials ignored multiple money-laundering alerts, the bankruptcy trustee said.
A federal jury in St. Paul on Tuesday afternoon awarded $564 million in damages in a lawsuit filed in connection with Twin Cities businessman Tom Petters’ Ponzi scheme – the largest recorded jury verdict in Minnesota.The jury ruled that BMO Harris Bank must pay $484 million in compensatory damages and nearly $80 million in punitive damages to the bankruptcy trustees handling Petters’ case.
Bank officials ignored multiple computer-generated money-laundering alerts connected to the checking account, he said. “We are disappointed with the jury’s verdict, which is not supported by the evidence or the law,” BMO officials said. “We will file a number of post-trial motions with the trial judge to reverse the verdict or reduce the damages, and we intend to pursue all avenues to overturn the jury’s verdict, including appeals. We are confident that we have strong grounds for appeal.”
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