In November 2022, BMO Bank was hit with the largest verdict in Minnesota history. After a four-week trial, federal jurors handed down a $564 million verdict finding the bank’s predecessors aided and abetted Ponzi schemer Tom Petters and his accomplices in laundering billions in proceeds. Last year, U.S. District Judge Wilhelmina Wright in St. Paul tacked on pre- and post-judgment interest to bring the tally to more than $1 billion.

The bank appealed and oral arguments at the Eighth Circuit in May featured a match-up of former U.S. Solicitors General: Don Verrilli of Munger, Tolles & Olson argued for BMO and Paul Clement of Clement & Murphy argued for Douglas Kelley, the bankruptcy trustee who has been pursuing claims against the bank.