The Victory: Robins Kaplan partner Michael A. Collyard and his small team won the largest jury award in a Ponzi scheme case in Minnesota history when the jury rejected arguments by the five defense-side firms, instead awarding $564 million in damages on behalf of client Douglas A. Kelley, the trustee for the BMO Litigation Trust, which represents a group of investors.
![](https://images.law.com/contrib/content/uploads/sites/398/2022/11/Fotolia40692113-767x633-e1668809932632.jpg)
The Case: Kelley v. BMO Harris Bank arose out of one of the biggest Ponzi schemes in U.S. history centering around a complex system of financial transaction between accounts at M&I Bank—which in 2011 was acquired by BMO Harris Bank—resulting in money laundering of $74 billion by fraudster Tom Petters, who has already been sentenced to 50 years in prison.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]