no-contest settlement: The bank will also pay 2.1 million to the Ontario Securities Commission toward its mandate of protecting investors, while a further payment of 90,000 will go to cover the costs of the investigation, according to The Toronto Star. The OSC approved the no-contest settlement with BMO Nesbitt Burns Inc., BMO Private Investment Counsel Inc., BMO Investments Inc. and BMO Investor Line Inc. after the bank agreed to the deal without admitting or denying the conclusions of the OSC staff. Vince Talotta / Toronto Star By The Canadian Press Thu., Dec. 15, 2016 The Bank of Montreal has agreed to compensate clients a total of 49.9 million after collecting excess fees on certain mutual funds and investment products over eight years. The provincial regulator alleged that inadequacies with the systems and controls at BMO resulted in some customers paying excess fees that were not detected or corrected in a timely manner.BMO settlement follows a similar OSC settlement with CIBC in October in which some of the bank clients were compensated a total of 73.3 million after collecting excess fees over 14 years. The Morning Headlines Newsletter Delivered daily to your inbox. Article Continued Below In July, Scotiabank reached a no-contest settlement with the OSC for 19.9 million after collecting excess fees from some clients.
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