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BMO RRSP Class Action Update

IMPORTANT NOTE:

This website has been developed to provide general information to potential class members on a number of class actions that have been commenced by Paliare Roland Rosenberg Rothstein LLP.

The site is not designed to answer questions about your individual situation or entitlement. Do not rely upon the information provided on this website as legal advice in respect of your individual situation nor use it as a substitute for individual legal advice.

The information collected about potential class members will assist counsel in prosecuting the class action and assessing what damages were suffered by the class as a whole. Providing the information requested does not make you the client of Paliare Roland Rosenberg Rothstein LLP. The court will ultimately decide who will be included as a class member.

Status

The motion for certification of this action as a class proceeding is scheduled to proceed on December 12-16, 2011.

We encourage class members to attend. The motion will be heard in courtroom 5 at Osgoode Hall, 130 Queen Street West, Toronto, right at Osgoode subway station. The hearing commences each day at 10 am. Please arrive at least 10 minutes early.

The Claim

In 2006, a class action was commenced on behalf of a proposed class of individuals with registered accounts administered by BMO Nesbitt Burns Inc., BMO Trust Company, BMO Bank of Montreal and BMO Investorline Inc. in respect of foreign exchange transactions in RRSP, RRIF and RESP accounts (the “MacDonald Action”).   The claim alleges, in general, that the defendants are not authorized to carry on the practice of automatically converting foreign currency in registered accounts after June 2001 changes to the Income Tax Act.

Next Steps

Assuming the motion for certification is successful, the MacDonald Action will proceed as a class action, on behalf of individuals who have or had registered accounts with BMO at any time since June 2001, up to the date of certification. Further updates will be provided on our website as the matter progresses. We encourage you to check back from time to time for updates.

If you have any questions, please contact class counsel at:

Toll Free:  1-888-569-4526
e-mail:  info@rrspclassaction.com