Closing arguments wrapped up in Bremer financial dispute

Photo by: Bremer Bank
Photo by: Bremer Bank

(Ramsey County, MN) -- Closing arguments are wrapped up in a dispute over the sale of Minnesota's fourth largest bank.  

Attorney General Keith Ellison says the trustees of the charity that owns Bremer Financial should be removed for putting their own interests above those of the trust. The trustees say they have every right to sell the institution.  

The Otto Bremer Trust was set up to provide profits from the bank to Minnesota charities upon his death in 1951, well before a late 1960s law prohibited charities from owning businesses. 

Ramsey County Judge Robert Awsumb says he expects to issue a decision by the end of February.