The Chicago-based bank had faced financial liability of more than $1 billion in the case, which stemmed a money-laundering case that involved a bank BMO Harris acquired in 2011.

Bank of Montreal persuaded a U.S. appeals court on Thursday to throw out a $564 million jury verdict against a subsidiary over its role in an approximately $3.65 billion Ponzi scheme run by convicted Minnesota businessman Tom Petters.

The U.S. Court of Appeals for the Eighth Circuit reversed a prior jury verdict against Bank of Montreal’s U.S. unit, instructing the district court to enter judgment in favor of the bank.

BMO Financial Group (TSX:BMO) reveals the U.S. Court of Appeals has overturned a previous jury verdict related to a Ponzi scheme ・The U.S. Eighth Circuit Court of Appeals has also instructed the court to enter a judgment in favour of the bank’s U.