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Lawyers only winners in shareholder lawsuit over M&I sale

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

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