Bank of Montreal

Class Action

On September 26, 2024, a class action was filed against the Bank of Montreal (“BMO”) and its executives and/or directors William Darryl White, Tayfun Tuzun, Piyush Agrawal, Craig Weyeth Broderick, Stephen J. Dent, Martin S. Eichenbaum, David E. Harquail, Linda S. Huber and Lorraine Mitchelmore (collectively with BMO, the “Defendants”) for allegedly breaching their obligations, including under Quebec’s Securities Act and the Civil Code of Quebec, by failing to disclose material facts, publishing documents containing false and misleading information, and failing to notify the members of the proposed class of a significant change in the company’s business, operations, or capital, all related to BMO’s commercial loans and its provision for credit losses related to impaired loans.

As a result of Defendants’ faults, the members of the proposed class acquired BMO’s securities at artificially inflated prices that did not reflect their true value. Following the disclosure of the omitted or misrepresented facts and the significant change in the company’s business, operations, or capital, the value of BMO’s securities dropped, causing significant damage to the members of the proposed class. The proposed class action seeks a judgment condemning the Defendants to pay damages to each member of the proposed class action.

Who is a member of this class action?

You are a member of the proposed class if you acquired one or more securities of BMO between September 12, 2023, and August 26, 2024, inclusively, and still held all or part of these securities at any time between May 29, 2024, and August 26, 2024.

What is the status of this class action?

The class action is presently at the authorization stage.

How can I stay informed of the upcoming steps in the case?

If you are a member of the class action, we invite you to register to our mailing list. This way, we can communicate with you as soon as important developments occur in the file.

For more information, you can also contact Belleau Lapointe directly.

Pleadings and judgments

Chronology