Company Overview of BMO Nesbitt Burns, Inc.
BMO Nesbitt Burns Inc. is a boutique investment bank that provides financial advisory services. The firm offers financial planning; estate planning and preservation; retirement, insurance, and education planning; income replacement; tax minimization; and business succession planning advisory services. The company provides equity research, risk management, private debt and equity underwriting, and trade financing services. Additionally, it offers mergers and acquisitions advisory, restructurings, and valuations consulting services. BMO Nesbitt Burns, formerly known as Nesbitt Burns, was founded in 1994 and is based in Toronto, Canada with additional offices in Calgary; Canmore; Drumheller; Ed...
1 First Canadian Place
Toronto, ON M5X 1H3
Founded in 1994
Key Executives for BMO Nesbitt Burns, Inc.
Executive Managing Director and Head of Canadian Mergers and Acquisitions
Executive Vice President of Client Relations
Vice Chairman of Investment and Corporate Banking
Compensation as of Fiscal Year 2014.
BMO Nesbitt Burns, Inc. Key Developments
Overtime Class Action against BMO Nesbitt Burns Inc. to Proceed
Dec 18 13
In Reasons released December 17, 2013, Madam Justice Sachs of The Divisional Court denied BMO Nesbitt Burns Inc. leave to appeal from an earlier decision certifying a class action against Nesbitt Burns for overtime compensation. The denial of leave to appeal means that the earlier order of Justice Belobaba certifying the class action against BMO Nesbitt Burns Inc. stands. Class Counsel believe that up to 1,500 current and former Investment Advisors, Associate Investment Advisors and Investment Advisor Trainees, employed by Nesbitt Burns since 2002, may potentially be class members. The class action claim alleges that Nesbitt Burns breached its duties to the class members by systematically and improperly denying overtime to the class. The allegations have not yet been proven in court. The decision denying leave to appeal will allow this case to proceed as a class action. Yegal Rosen, a former Investment Advisor with Nesbitt Burns, has been appointed as the lead representative plaintiff in the action. Mr. Rosen worked as an Investment Advisor for Nesbitt Burns Inc. from 2002-2006. Mr. Rosen alleges that during this period he never received overtime compensation, while working between 60-80 hours per week. This class action follows several other off the clock overtime class actions by employees in the banking sector. This is the first misclassification case in this area to be certified as a class action, and with leave to appeal denied, this case will now continue.
BMO Nesbitt Burns Inc. Announces Target Distribution Month and Twelve Months Ending December 31, 2014
Dec 4 13
BMO Nesbitt Burns Inc. announced a target distribution of $0.05 per unit per month ($0.60 per Unit per annum) for the 12 months ending December 31, 2014, representing a yield of 6.11% based on the closing price of the class A units on the Toronto Stock Exchange on December 3, 2013.
Court Certifies Class Action Against BMO Nesbitt Burns, Inc. for Unpaid Overtime
Aug 21 13
An Ontario court has certified a class action against BMO Nesbitt Burns Inc. involving unpaid overtime, in several such actions against Canadian banks that seek hundreds of millions of dollars. Lawyers announced that the class action covers more than 1,500 current and former investment advisers, associate investment advisers and investment adviser trainees employed by Nesbitt Burns since 2002. Koskie Minsky LLP and Eli Karp at Merchant Law are representing the plaintiff in the action. They say Justice Edward Belobaba of the Ontario Superior Court of Justice certified the class action after finding that all three of the employee groups were ‘excluded from overtime under the Nesbitt overtime policy because they are paid in whole or in part on commission.’ The plaintiff alleges that Nesbitt Burns, owned by the Bank of Montral breached its duties to the class members by systematically and improperly denying overtime to the class. The allegations have not been proven. However, the certification decision will allow the case to proceed as a class action. Yegal Rosen, a former investment adviser with Nesbitt Burns from 2002 to 2006, has been appointed as the lead representative plaintiff in the action. Plaintiff lawyers announced that during his time with Nesbitt Burns, Rosen never received overtime compensation even though he worked between 60 and 80 hours a week.
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