TD Bank Owes $13.5M For Pearlman Ponzi Scheme: 8th Circ.

Law360, New York (April 26, 2013, 5:36 PM EDT) -- The Eighth Circuit on Friday affirmed a $13.5 million judgment finding TD Bank NA liable for a merged entity’s role in the massive Ponzi scheme run by real estate developer and music producer Louis J. Pearlman.

A three-judge panel said a lower-court judge correctly denied TD Bank’s motions for judgment in the suit before the case went to trial. The jury eventually found for the plaintiff, American Bank of St. Paul, which had accused Mercantile Bank of conspiring in Pearlman’s fraud before it was uncovered in...
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