The United States Court of Appeals for the Eighth Circuit has reversed a prior jury verdict in favor of BMO Bank National Association regarding a lawsuit related to the Ponzi scheme operated by Thomas J. Petters through a deposit account at M&I Marshall and Ilsley Bank, BMO's predecessor institution.Following this favorable court decision, BMO expects to reverse its current provision of CAD$1,190 million, which includes accrued interest. The bank anticipates recording an after-tax recovery of CAD$875 million in the fourth quarter within its Corporate Services segment, to be treated as an adjusting item.As of July 31, 2024, BMO Financial Group maintains its position as North America's eighth-largest bank with total assets of $1.4 trillion, serving 13 million customers across Canada, the United States, and select global markets.

The United States Court of Appeals for the Eighth Circuit has reversed a prior jury verdict in favor of BMO Bank National Association regarding a lawsuit related to the Ponzi scheme operated by Thomas J. Petters through a deposit account at M&I Marshall and Ilsley Bank, BMO's predecessor institution.Following this favorable court decision, BMO expects to reverse its current provision of CAD$1,190 million, which includes accrued interest. The bank anticipates recording an after-tax recovery of CAD$875 million in the fourth quarter within its Corporate Services segment, to be treated as an adjusting item.As of July 31, 2024, BMO Financial Group maintains its position as North America's eighth-largest bank with total assets of $1.4 trillion, serving 13 million customers across Canada, the United States, and select global markets.