![Petters Bankruptcy Case Trustee Sues BMO Harris Bank](http://townsquare.media/site/67/files/2011/01/petters_260x148.jpg?w=980&q=75)
Petters Bankruptcy Case Trustee Sues BMO Harris Bank
MINNEAPOLIS (AP) - The bankruptcy trustee recovering money for victims of the Ponzi scheme operated by imprisoned businessman and St. Cloud native Tom Petters is suing BMO Harris Bank, accusing it as the owner of M&I Bank of aiding and abetting the fraud.
The lawsuit filed in federal bankruptcy court in Minnesota Wednesday accuses the formerly Milwaukee-based M&I Bank of turning a blind eye to $35 billion that flowed in and out of the main bank account that Petters Company Inc. used to finance the $3.65 billion Ponzi scheme for more than five years.
The lawsuit, which seeks unspecified damages, calls the account's deposits "astronomical," and says M&I was never given "a valid business reason for such a staggering amount."
A spokeswoman for Chicago-based BMO Harris Bank had no immediate comment.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
More From AM 1240 WJON
![Appeals Court Says Group Can Sue Over Mining Rules](http://townsquare.media/site/67/files/2020/09/Courtroom.jpg?w=980&q=75)
![Shady’s Bar Settles Lawsuit With Attorney General’s Office](http://townsquare.media/site/67/files/2020/05/Shadys-Bar.jpg?w=980&q=75)
![Reader’s Digest Names St. Cloud Man MN’s Most Notorious Criminal](http://townsquare.media/site/68/files/2021/10/attachment-Tom-Petters-1.jpg?w=980&q=75)
![Lawsuit Accuses Law Firm’s Boss of Firings Due to Politics](http://townsquare.media/site/67/files/2018/10/Courtroom.jpg?w=980&q=75)
![Lawsuit Alleges Minneapolis Withholds Police Misconduct Data](http://townsquare.media/site/67/files/2021/01/GettyImages-1219415692.jpg?w=980&q=75)
![Minneapolis to Pay $27M to Settle Floyd Family Lawsuit](http://townsquare.media/site/67/files/2020/06/GettyImages-1244315472.jpg?w=980&q=75)
![Ex-Minneapolis Fire Cadet Files Lawsuit Alleging Racial Bias](http://townsquare.media/site/67/files/2018/11/gavel1.jpg?w=980&q=75)
![Lawyers for Ex-Cops Raise Floyd’s History of Crime](http://townsquare.media/site/67/files/2020/07/GettyImages-1223463641.jpg?w=980&q=75)
![Petters Victims Receive Over $22 Million in Forfeited Assets](http://townsquare.media/site/67/files/2010/12/tom_petters_250x200.jpg?w=980&q=75)