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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.