- Acumen Powered by Robins Kaplan LLP®
- Affirmative Recovery
- American Indian Law and Policy
- Antitrust and Trade Regulation
- Appellate Advocacy and Guidance
- Business Litigation
- Civil Rights and Police Misconduct
- Class Action Litigation
- Commercial/Project Finance and Real Estate
- Corporate Governance and Special Situations
- Corporate Restructuring and Bankruptcy
- Domestic and International Arbitration
- Entertainment and Media Litigation
- Health Care Litigation
- Insurance and Catastrophic Loss
- Intellectual Property and Technology Litigation
- Mass Tort Attorneys
- Medical Malpractice Attorneys
- Personal Injury Attorneys
- Telecommunications Litigation and Arbitration
- Wealth Planning, Administration, and Fiduciary Disputes
- Paralegals
Acumen Powered by Robins Kaplan LLP®
Ediscovery, Applied Science and Economics, and Litigation Support Solutions
-
October 3, 2023Casey Matthiesen Honored with Profiles in Diversity Journal’s Native American/Indigenous Leadership Award
-
September 28, 2023Robins Kaplan Ranks in Top 10% For Pro Bono By Law360
-
September 25, 2023Jake Holdreith Admitted to American College of Trial Lawyers
-
October 4, 2023Lying, Cheating, and Stealing Seminar 2023
-
October 12, 2023Mass Torts Made Perfect
-
October 27, 2023LGBTQ Legal Services: Transgender Name Change Clinic
-
September 2023Evenstad Family Trial Aftermath: Rule 408 May Not Be Used as a Sword and Shield
-
September 2023Meet Our Keynote Speaker: Journalist and New York Times Contributor Katie Engelhart
-
September 2023Walking the Razor’s Edge: Client Capacity and the Attorney-Client Relationship
-
September 16, 2022Uber Company Systems Compromised by Widespread Cyber Hack
-
September 15, 2022US Averts Rail Workers Strike With Last-Minute Tentative Deal
-
September 14, 2022Hotter-Than-Expected August Inflation Prompts Massive Wall Street Selloff
Find additional firm contact information for press inquiries.
Find resources to help navigate legal and business complexities.
Robins Kaplan Secures Largest Jury Verdict in Minnesota History in Ponzi Scheme Case
November 9, 2022
Following a four-week trial, a Minnesota jury awarded approximately $564 million in damages to Robins Kaplan client Douglas A. Kelley in his capacity as trustee for the BMO Litigation Trust. It is the largest jury award in Minnesota history.
The case arose out of one of the biggest Ponzi schemes in U.S. history involving former Wayzata fraudster Tom Petters. He was convicted and sentenced to 50 years in prison for fraud using accounts held at M&I Bank, which was acquired in 2011 by BMO Harris Bank. The jury found that BMO aided and abetted breaches of fiduciary duty by Petters and his cohorts in using an M&I checking account to launder nearly $74 billion in Ponzi scheme proceeds between 2002 and 2008. The jury awarded $484 million in compensatory damages and $80 million in punitive damages. The trustee also plans to pursue prejudgment interest, which would bring the bank’s total liability to nearly $1 billion.
“We are very happy with the jury’s decision and our client will be able to pay some of the debts that are owed to the investors whom Tom Petters defrauded,” said lead trial counsel Michael Collyard.
The case is Kelley v. BMO Harris Bank, N.A., No. 19-cv-01756-WMW in the United States District Court for the District of Minnesota (originally filed as Adversary Proceeding No. 12‑04288 as part of the Petters bankruptcy (No. 08-045257) in the United States Bankruptcy Court for the District of Minnesota).
Related Professionals
Related Publications
Related News
If you are interested in having us represent you, you should call us so we can determine whether the matter is one for which we are willing or able to accept professional responsibility. We will not make this determination by e-mail communication. The telephone numbers and addresses for our offices are listed on this page. We reserve the right to decline any representation. We may be required to decline representation if it would create a conflict of interest with our other clients.
By accepting these terms, you are confirming that you have read and understood this important notice.