Bank of Montreal Fees $100M Class Action Settlement

Certain Bank of Montreal retirement savings plan clients have a payment coming thanks to a $100 million settlement in a 15-year-old class action lawsuit alleging BMO Trust Co. and other Bank of Montreal affiliates charged undisclosed fees.

The Class includes Canada residents who held registered accounts such as registered retirement savings plans (RRSPs), tax-free savings accounts (TFSAs), registered retirement income funds (RRIFs), or locked-in retirement accounts (LIRAs), at BMO InvestorLine Inc. between June 14, 2001, and Sept. 6, 2011, or at BMO Nesbitt Burns Inc. between Oct. 1, 2002, and Sept. 6, 2011; or are the 14 clients of BMO Nesbitt Burns who opted out of the class proceeding entitled Skopit and purchased or sold investments denominated in a foreign currency, or received dividends or interest denominated in a foreign currency in their registered account.

Approximately 135,000 Class Members have about 160,000 registered accounts.

A 2020 ruling in the BMO class action lawsuit, filed in 2006, found the Bank of Montreal defendants liable for breaches of trust, contract, and fiduciary duty in charging certain undisclosed foreign exchange fees on RRSPs and other accounts.

The Court approved the Bank of Montreal retirement plan settlement June 17, 2021.

Under the terms of the settlement, eligible Class Members who continue to hold accounts with the defendants will receive a payment by autumn 2021; those who no longer hold accounts with the defendants will receive their payments sometime in early 2022.

Class Members whose payment under the settlement calculation exceeds $25 after attorneys’ fees and other deductions are made will receive proportionate payments.

Class Members who are to receive a payment of at least $25 will be identified and will receive further communication.

Those who are eligible for a payment are urged to speak with a tax professional.

No claim form is required for eligible clients to benefit from the settlement.

Who’s Eligible

Canada residents who held registered accounts such as registered retirement savings plans (RRSPs), TFSAs, RRIFs, or LIRAs, at BMO InvestorLine Inc. between June 14, 2001, and Sept. 6, 2011, or at BMO Nesbitt Burns Inc. between Oct. 1, 2002, and Sept. 6, 2011; or are the 14 clients of BMO Nesbitt Burns who opted out of the class proceeding entitled Skopit and purchased or sold investments denominated in a foreign currency, or received dividends or interest denominated in a foreign currency in their registered account.

Potential Award

At least $25.

• Class Members whose payment under the settlement calculation exceeds $25 after attorneys’ fees and other deductions are made will receive proportionate payments.

Proof of Purchase

No proof of purchase is required.

Claim Form

No claim form is required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

No claim form is required.

Case Name

James MacDonald, et al. v. BMO Trust Co., et al., Case No. 06-CV-316213 CP, in the Ontario Superior Court of Justice

Final Hearing

05/12/2021

Settlement Website

RRSPClassAction.com

Claims Administrator

Defendant

Class Counsel

PALIARE ROLAND ROSENBERG ROTHSTEIN LLP

Defense Counsel

Joel Wiesenfeld
Andrew Gray