Bank Of Montreal (TSE:BMO) has released an update.
The Bank of Montreal has announced a legal victory as the Eighth Circuit Court of Appeals reversed a prior jury verdict and sided with BMO in a case related to a Ponzi scheme by Thomas J. Petters. This decision enables BMO to reverse a substantial provision of CAD$1,190 million, leading to an expected after-tax recovery of CAD$875 million. The recovery will be reflected in the upcoming fourth quarter financial results.
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