Image 01
  • Home
  • Services
    • Legal Videographer | Video Depositions
    • National Certified Court Reporters
    • Wisconsin Court Reporters
    • Conference Rooms
    • Video Conferencing
    • Case Management
    • – Case Management Tools
    • Nationwide Coverage
  • About
    • Principals
    • Helpful Info
    • Our Team
  • Schedule
  • Blog
  • Contact
Toll Free 800.456.9531
Blog

Your Wisconsin Deposition Headquarters

Subscribe

For monthly updates on court reporting news, sign up for our free newsletter!

 Subscribe in a reader

  • Office Hours: M-F, 7:30 a.m. - 5:00 p.m.
    Phone: (414) 224-9533
  • Archives

    • June 2015
    • November 2014
    • October 2014
    • September 2014
    • April 2014
    • March 2014
    • February 2014
    • January 2014
    • December 2013
    • November 2013
    • October 2013
    • September 2013
    • August 2013
    • July 2013
    • June 2013
    • May 2013
    • April 2013
    • March 2013
    • February 2013
    • January 2013
    • December 2012
    • November 2012
    • October 2012
    • September 2012
    • August 2012
    • July 2012
    • June 2012
    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
    • December 2011

Brown & Jones Court Reporting Blog

« School district found guilty of violating church and state
Green Bay woman ends 19-year old lawsuit »

Billion-dollar lawsuit thrown out against Wisconsin bank

Marshall & Ilsley Bank (M&I) based in Wisconsin, recently had a $1 billion lawsuit against it dismissed by a bankruptcy court judge in regards to a Ponzi scheme that was filtered through the bank. The ruling, though, still leaves the bank open to lawsuits from investors who may have been victimized by the scheme.

"This is a major victory," said Florida-based attorney Michael Budwick, who represented the Palm Beach Funds investor groups that initiated the lawsuit. "The bulk of the claims survived … including aiding and abetting fraud and conspiracy and fraudulent transfer claims."

Formerly the largest bank in Wisconsin, M&I was used by Thomas Petters, who ran a multi-billion dollar Ponzi scheme through the bank. The Minnesota-native was convicted in 2009 and is currently serving a 50-year federal prison sentence.

Investors who lost money from Petters say the bank ignored obvious signs of fraud, according to the Milwaukee Journal-Sentinel. The bank says that the billions of dollars that were in Petters' funds were depository accounts and therefore had no special or fiduciary duty to the man's investors. In addition, the bank claimed that the investor groups were looking for a "scapegoat with deep pockets."

Regardless of the bank's actions during the scheme, white collar criminal law can be very complicated and centered around the minute details of bank accounts, cash flow and the red tape that comes with major corporations' financial practices. It can be especially important in these cases that lawyers use the most accurate information, which includes court depositions.

If lawyers wish to use the most accurate court deposition transcripts, they may want to partner with Milwaukee court reporters who can also provide video deposition services to ensure that all aspects of litigation are accurately recorded. 

This entry was posted on Monday, July 30th, 2012 at 10:14 am and is filed under All Posts, Wisconsin Legal. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

One Response to “Billion-dollar lawsuit thrown out against Wisconsin bank”

  1. Mary Ring Says:
    July 31st, 2012 at 11:38 am

    Another interesting article.

Leave a Reply

 
  • Brown & Jones
    735 North Water Street
    Milwaukee, WI 53202
    Tel (414) 224-9533
    Toll-Free (800) 456-9531
    Fax (414) 224-9635
    Privacy Policy
  • Home
  • Services
  • About
  • Schedule
  • Blog
  • Contact

  • © 2012 All Rights Reserved.