Monday, March 19, 2007

Class Action Suit Filed Against BMO

Canadian Press, 19 March 2007

Bank of Montreal is facing a class action lawsuit filed on behalf of bank customers who didn't receive immediate access to their funds after cheques and wire transfers cleared.

The suit, filed on Monday by Juroviesky and Ricci LLP in the Ontario Superior Court, alleges that the bank "wrongfully withheld certain of its clients' funds on deposit."

The action covers clients that made at least one bank account deposit between March 19, 2001 and March 19, 2007 and couldn't access the funds immediately after the deposit.

Bank of Montreal spokesman Ralph Marranca declined to speak about the case.

"We have a long-standing practice of not commenting on matters before the courts," he said in a phone interview.

Juroviesky and Ricci said the move comes after "a thorough investigation" into the matter.