BMO class action certified by court

TORONTO — A class action lawsuit accusing BMO Nesbitt Burns, BMO Investorline and BMO Trust Company of automatically converting any foreign currency that was paid into RRSP accounts into Canadian dollars without authorization has been certified by the Ontario Superior Court.The lawsuit alleges that BMO charged undisclosed or inadequately disclosed and unauthorized fees related to the foreign currency transactions.[np-related]None of the allegations have been proven in court.The Income Tax Act allowed foreign currency to be held in a registered account after June 14, 2001.The case is seeking reimbursement of the foreign exchange fees charged on the purchase and sale of foreign investments held in registered accounts and the fees paid related to the conversion of foreign currencies that were paid into the registered accounts.The Canadian Press