BMO Wins Appeal, Expects Major Financial Recovery

MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) has released an update.

BMO Financial Group has announced a legal victory as the Eighth Circuit Court of Appeals overturned a previous judgement related to a Ponzi scheme involving Thomas J. Petters. This reversal allows BMO to retract a CAD$1,190 million provision, leading to an expected after-tax recovery of CAD$875 million. The decision, while in BMO’s favor, is still subject to potential rehearing and appeal processes.

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