US Bank Under Fire Again Over Petters' Ponzi Scheme

Law360, New York (September 23, 2013, 10:25 PM EDT) -- The liquidator of Palm Beach Offshore Ltd. told the Eighth Circuit on Monday that U.S. Bank NA had assisted in Thomas Petters’ infamous Ponzi scheme by helping the offshore funds’ managers conceal their fraudulent activity.

Geoffrey Varga, the designated liquidator of the fund ultimately used to purchase promissory notes from Petters Co. Inc., appealed to the court to reconsider the Minnesota federal court’s dismissal of his allegations that “U.S. Bank knowingly and willfully assisted a scheme by certain managers of the offshore funds to avoid contractually...
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