September 27, 2019 / 9:06 PM / 8 months ago

Bank of Montreal to pay $38 million to settle with U.S. SEC

Sept 27 (Reuters) - Two units of Bank of Montreal agreed to pay about $38 million to settle U.S. Securities and Exchange Commission charges they concealed conflicts of interest in how financial advisers selected some investments for clients.

The SEC on Friday said the payments by BMO Harris Financial Advisors and BMO Asset Management will go into a fund for eventual distribution to clients. BMO will pay an $8.25 million civil fine plus $29.73 million of disgorgement and interest. The units did not admit or deny wrongdoing in agreeing to settle. (Reporting by Jonathan Stempel in New York Editing by Leslie Adler)

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