Irving Marks and Barbara Green successfully argued a motion on behalf of the Bank of Montreal to strike out an action brought against the Bank. The Plaintiffs claimed that BMO was liable as the parent corporation for the losses they suffered from the “bad advice” they received in respect of their investments from BMO Nesbitt Burns, BMO’s subsidiary, and its subsidiary’s employee. In a precedent setting decision of the Ontario Superior Court of Justice in October, 2007, Justice Himel held that BMO could not be liable for the conduct of its subsidiary, BMO Nesbitt Burns, and the action was struck as frivolous and vexatious.
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