Court Approves Settlement in Overtime Class Action involving BMO Nesbitt Burns Inc.

TORONTO, Aug. 22, 2016 /CNW/ - The Ontario Superior Court of Justice approved a settlement in a class action for overtime at BMO Nesbitt Burns Inc. (BMO NBI).

In 2013, the court certified a class action against BMO NBI. The class action claimed unpaid overtime on behalf of Investment Advisors (IAs), Associate IAs and IA Trainees at BMO NBI for employment from 2002 to the present.  Mr. Yegal Rosen, a former IA who worked at BMO NBI from 2002-2006, was the lead plaintiff on behalf of the class.  Koskie Minsky LLP and Mr. Eli Karp were counsel to the class members in the class action.

The Ontario Superior Court has now approved a settlement which was reached between the parties.  The settlement provides for payment of a total of $12 million, plus up to $500,000 in administration costs, to be paid by BMO NBI, less deductions for legal fees, disbursements, HST, representative plaintiff honorarium, Class Proceedings Fund levy and any excess administration amounts. The settlement funds will be distributed as follows:

(a)	by equal payment to each settlement class member who participated as an IA Trainee in the BMO NBI IA Trainee Program between January 1, 2002 and June 1, 2016 and who properly completes and returns a Distribution Confirmation Form; and
(b)	a finality contribution for all settlement class members of $2 million (less certain deductions), to be divided and paid in equal amounts to each settlement class member who properly completes and returns a Distribution Confirmation Form, regardless of whether they are an IA Trainee.

Class members are not required to prove their hours of work under the distribution process.

BMO NBI denies the truth of the allegations in the class action and denies any liability whatsoever.

Jonathan Ptak of Koskie Minsky LLP commented that "This settlement is an excellent result following 6½ years of litigation.  We are very pleased the court has now approved the settlement."

SOURCE Koskie Minsky LLP

For more information: https://kmlaw.ca/nesbittclassaction, Toll Free number: 1.866.777.6308, Email: [email protected]. For media enquiries, please contact Jody Brown, 416-595-2709.