Optionable's Troubles Snowball With Lawsuits

Law360, New York (May 14, 2007, 12:00 AM EDT) -- Two shareholder lawsuits have been filed against Optionable Inc., alleging the energy trader didn't disclose it was involved in improper deals with its largest client, Bank of Montreal.

The suits, coupled with the company's disclosure Monday that its chief executive officer has resigned, are part of the ongoing fallout following the Bank of Montreal's announcement in April that it would take losses of between $300 million and $400 million due to its trading losses with Optionable.

Earlier this month, the bank, which is part of BMO...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.