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Bank of Montreal
Symbol C : BMO
Shares Issued 645,938,545
Close 2013-08-21 C$ 64.47
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Globe says BMO class action wins Ontario court approval

2013-08-22 07:40 ET - In the News

The Globe and Mail reports in its Thursday edition the Ontario's Superior Court of Justice has approved a class-action lawsuit against part of Bank of Montreal's wealth management group that alleges the bank owes unpaid overtime to hundreds of current and former investment advisers. The Globe's Jacqueline Nelson writes the lawsuit alleges BMO Nesbitt Burns did not keep a proper record of the time employees worked and did not adequately compensate employees when they worked overtime. The case follows other lawsuits over unpaid overtime brought against CIBC and the Bank of Nova Scotia by bank tellers and other employees who say they have been unfairly denied overtime pay. The lead plaintiff in the BMO suit is Yegal Rosen, a former investment adviser who alleges he worked 60 to 80 hours a week between 2002 and 2006 but was never paid overtime. In his statement of claim, he said the bank fostered an environment where advisers were encouraged to work long hours. Based on Mr. Rosen's best estimate, his claim could reach $80,000. BMO is seeking leave to appeal the decision. The class action could cover as many as 1,500 current and former investment advisers, associates and staff in training between 2002 and today.

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