TORONTO Dec 15 Bank of Montreal has
agreed a no-contest settlement with the Ontario Securities
Commission that will see the bank compensate customers a total
of C$49.9 million ($37.4 million) for charging excess fees.
The OSC said the settlement follows allegations by OSC staff
that there were inadequacies in BMO's systems of controls and
supervision which resulted in some clients paying excess fees
that were not detected or corrected in a timely manner.
($1 = 1.3346 Canadian dollars)
(Reporting by Matt Scuffham; Editing by Lisa Shumaker)