MILWAUKEE (AP) – Former Marshall & Ilsley Corp. shareholders will get no money from lawsuits challenging the sale of the company.
The Milwaukee Journal Sentinel reported a settlement was approved in court Tuesday.
BMO Financial Group announced plans in late 2010 to buy Milwaukee’s M&I for $4.1 billion. Lawsuits argued the amount BMO was paying wasn’t enough. The lawsuits were later consolidated into a single case.
An attorney for the lead law firm told a Milwaukee County judge Tuesday that it turned out the price tag for M&I, which was suffering big losses from bad loans, wasn’t unreasonable.
According the settlement, the lawyers who represented the shareholders will get $695,000 in fees.
Toronto-based BMO closed the transaction for Milwaukee-based M&I last July and currently is re-branding M&I as BMO Harris Bank.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com