$100 Million Disputed Foreign Currency Class Action Lawsuit Involves BMO

Disputed foreign currency costs class action lawsuit which was launched by Ontario retirement plan investor James MacDonald on behalf of all former and current BMO clients who held RRSPs, RRIFs or RESPs, and incurred foreign currency conversion charges on those accounts since mid-June 2001, also includes Bank of Montreal along with its BMO Nesbitt Burns and BMO Trust divisions ad defendants.

The statement of claim alleges the bank needlessly converted foreign currency to Canadian dollars in those accounts, despite changes to the Income Tax Act that came into effect June 14, 2001 allowing RRSPs, RRIFs and RESPs to hold foreign currency as an investment.

The claim further alleges that the reason for the defendants’ failure to effect a change was so that they could continue to earn profits from the foreign exchange fees.

The claim seeks damages for all the fees charged in association with the unauthorized conversion and the repayment of all the hidden foreign-exchange fees on transactions where the customer did authorize a conversion of funds but did not agree to pay the hidden fee.

Link [www.investmentexecutive.com/client/en/News/DetailNews.asp?id=35111&IdSection=149&cat=149&BImageCI=1]

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3 Responses to “$100 Million Disputed Foreign Currency Class Action Lawsuit Involves BMO”

  1. marvin rosenkerr Says:

    i just sold 295 shares of abn at 49.10
    and bought 440 shares of usb at 34.61 which has which has a difference of 734 us but it cost me 1200 canadian for the 734 us

  2. marvin rosenkerr Says:

    bmo investorline charged 1200 canadian for 734 us

  3. marvin rosenkerr Says:

    i just sold 295 shares of abn at 49.10
    and bought 440 shares of usb at 34.61 which has which has a difference of 734 us but it cost me 1200 canadian for the 734 us

    bmo investorline

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