Fallout from BMO loss worsens
A flurry of class action lawsuits has been filed in the wake of the Bank of Montreal's (BMO) shock announcement on April 27 that it had lost between C$350 million and C$450 million ($323 million-415 million) from energy derivatives trading. The suits have all been filed against Optionable, a New York-based commodity derivatives broker, which executed many of BMO's natural gas trades and verified mark-to-market valuations.
A May 17 written statement issued by two law firms, Connecticut-based
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