BMO Harris Bank agreed to pay $16 million to settle a lawsuit tied to a Minnesota ponzi scheme that cheated investors out of billions of dollars. BMO Bank acquired M&I bank in 2011, which was allegedly complicit in the ponzi scheme orchestrated by Tom Petters. The lawsuit states: “M&I was complicit in the scheme, serving as a critical lynchpin ‘legitimizing’ Petters’ plot and facilitating it. M&I had actual knowledge of Petters’ fraud and provided substantial assistance, helping it flourish.” According to the lawsuit, billions of dollars related to Mr. Petters’ fraud flowed through one account at an M&I branch. The deal is subject to approval of the U.S. Bankruptcy Court in West Palm Beach, Florida at an August 25th hearing.
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