MAYER BROWN PARTNER RICHARD SPEHR NAMED "LITIGATOR OF THE WEEK" BY THE AMERICAN LAWYER
New York – Mayer Brown partner Richard Spehr has been recognized as “Litigator of the Week” by The American Lawyer for helping overturn a billion-dollar trial judgment against BMO Bank N.A. (f/k/a BMO Harris Bank N.A.). This ruling marks the culmination of a years-long legal battle.
In September 2024, the Eighth Circuit Court of Appeals completely reversed a $1.1 billion judgment against BMO over the purported role of M&I Marshall & Ilsley Bank, which BMO later acquired, in a decades-long Ponzi scheme run by convicted Minnesota businessman Tom Petters. The case against BMO, brought by Doug Kelley, the bankruptcy trustee for the company Petters used to operate the Ponzi scheme, alleged that M&I knowingly and substantially assisted Petters and his co-conspirators with the Ponzi scheme.
The Eighth Circuit remanded the case with instructions to enter judgment in BMO’s favor, not only reversing the over-$1 billion judgment but also vindicating BMO’s in pari delicto defense, underscoring the significance of the win.
The Mayer Brown litigation team includes partners Gina Parlovecchio, Lucia Nale, and Joshua Yount.
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