Wells Fargo reportedly said that it believes the Edina law firm's allegations "have no merit," adding that, "We will vigorously defend, and expect to prevail."
Law
Former Pinehurst Bank President John Markert was found guilty on five counts of misapplication of bank funds. Gregory Pederson, the bank's former chief credit officer and senior vice president, was acquitted of each count that he faced.
A new law changes the statute of limitations from six years to two years for clawback lawsuits seeking fraudulent transfers made to charitable organizations.
The court determined that Prometheus' blood test involved naturally occurring phenomena, and its patents are therefore invalid; the ruling is expected to have broad implications in the scientific community.
Barbara Puro and co-conspirators-several of whom have been sentenced for their role in the crime-operated a mortgage fraud scheme that allegedly involved more than $10 million in fraudulent loans.
Ritchie Capital Management filed a civil racketeering suit against Petters' executives and in-house counsel, as well as Fredrikson & Byron, which reportedly performed legal work for Petters' businesses.
Gerald Greenfield was sentenced for helping Brett Thielen, who was executing a mortgage fraud scheme involving a Minneapolis condo building, launder illegal profits.
Minneapolis law firm Winthrop & Weinstine has lured six patent lawyers from Dorsey & Whitney to join its expanding intellectual property practice.
The appeal follows two previous appeals to lower courts, both of which were unsuccessful.
The state and the Metropolitan Council sued 3M, alleging that chemicals manufactured by the company have caused environmental damage-and 3M has filed a counterclaim, which argues that the Met Council dumps chemicals into the river from its seven waste treatment plants.
Federal regulators are seeking to block Minneapolis-based Graco's $650 million acquisition of Illinois Tool Works' finishing business, but Graco intends to defend the deal in court.
The trustee handling Denny Hecker's bankruptcy case is reportedly on the hunt for more hidden assets. Hecker's wife, meanwhile, has been released from prison and is in some form of supervised custody.
Plymouth-based Mosaic reached an out-of-court settlement with Potash Corporation of Saskatchewan; under the terms of the agreement, Mosaic's contract to supply the company with potash will expire at the end of 2012.
A new clawback lawsuit is seeking more than $27,000 in funds that were allegedly transferred to Michele Bachmann and her political committees between 2005 and 2008 by Frank Vennes, who faces securities fraud charges related to Tom Petters' Ponzi scheme.
A federal jury in Minneapolis reportedly awarded $16 million to 26 banks that had loaned funds to a businessman behind famous "boy bands," like the Backstreet Boys and 'N Sync, who is now serving time for his role in a Ponzi scheme.
Thirty former associates of Tom Petters have reportedly agreed to pay $8.5 million to settle "clawback" lawsuits that are attempting to recover funds for victims of the Ponzi scheme; meanwhile, attempts to reach a deal with more than 10 other employees failed.
We recount the accusations of debt dodging, product failure, bad management, and mutant sugar beets that brought Minnesota business into court in 2011.
Jon Jason Greco received a 10-month prison sentence for lying to federal investigators about money and valuable goods tied to Trevor Cook's multimillion-dollar Ponzi scheme.