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Labor/Employment,
Banking

Sep. 19, 2024

Bank inflated foreign exchange fees, whistleblower claims

A former Bank of the West worker claims the bank and its parent company, Bank of Montreal, retaliated against him after he aired concerns about foreign exchange fee calculations.

Bank inflated foreign exchange fees, whistleblower claims
A BMO branch in Calgary, Alberta. Shutterstock

A lawsuit filed in Contra Costa County accused the Bank of Montreal and its subsidiary, Bank of the West, of knowingly overcharging foreign exchange fees and continuing the practice despite concerns being raised publicly.

Todd Saran, the plaintiff and former senior executive consultant for Bank of the West, claimed that the financial institutions retaliated against and terminated him after he reported concerns that the banks used Treasury Now, a treasury management platform found...

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