What was the BMO settlement offer?
The significant legal settlement involving BMO Financial Group centered around a major class-action lawsuit where plaintiffs accused BMO Trust Company, BMO Nesbitt Burns, and BMO InvestorLine of charging undisclosed foreign exchange conversion fees within registered accounts such as TFSAs and RRSPs. Following years of complex litigation and court rulings finding the institution liable for breach of contract and fiduciary duty, the parties reached a landmark settlement agreement requiring BMO to pay one hundred million Canadian dollars into a settlement fund to compensate approximately 135,000 affected clients across Canada.
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