January 10, 2019 / 11:09 PM / 5 months ago

8th Circuit rules for Wisconsin bank in Ponzi scheme lawsuit

A federal appeals court on Thursday refused to revive a lawsuit accusing Wisconsin’s Associated Bank of aiding a $194 million Ponzi scheme, ruling that there was insufficient evidence that the bank knew about the fraud.

A split three-judge panel of the 8th U.S. Circuit Court of Appeals said a conclusion that the bank aided the scheme “could only be reached through considerable conjecture and speculation.” It affirmed a lower court’s dismissal of the lawsuit, filed in 2013 by a court-appointed receiver who is marshaling assets for the fraud’s victims.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Fq9AZe

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