Daily News: September 22, 2014

BMO Harris Faces $24B Lawsuit Tied to Petters Fraud

The Wall Street Journal reported a new lawsuit seeks to hold M&I Bank, now owned by BMO Harris Bank, responsible for allegedly enabling Tom Petters to orchestrate a Ponzi scheme that cheated investors out of several billion dollars.

According to the Journal , the lawsuit, filed in a Florida bankruptcy court, seeks to recover nearly $24 billion from BMO Harris, which acquired M&I in 2011, saying Petters did not act alone in carrying out the fraud exposed in 2008 for which he is now serving a 50-year prison sentence.

To read the entire Journal , click here.

To read a related story on monitordaily, click here.

Previously on abfjournal: Forbes: GE Capital Could Have Stopped Petters’ Ponzi Scheme, August 27, 2014