BMO ordered to pay $563M in Tom Petters fraud insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
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."
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.