Bank of Montreal said on Friday it is suing four of its former bankers and the bank they are joining, UBS AG, in a bid to retrieve what they allege was confidential information the bankers took with them before resigning. Last week, UBS poached a U.S. team of 15 oil and gas bankers from BMO in Houston, Texas, weakening the energy dealmaking capacity of Canada's fourth-largest bank in the heart of the U.S. oil and gas industry.In a suit filed in the U.S. District Court for the Southern District of Texas, BMO sought a preliminary injunction to force the bankers - Miles Redfield, David Edwards, Robin Gaines and Justin Colby - to return what it said was the confidential information that was taken or retained by them before their departure.BMO is seeking to prevent the bankers named from disclosing any of this information and stop them from contacting or wooing BMO's clients.A spokeswoman for UBS failed to comment on the matter. The four bankers could not immediately be reached for comment.
Bank of Montreal (BMO Financial Group), is a financial services provider based in North America. Shares of BMO traded higher by 2.57% or $1.52/share to $60.70. In the past year, the shares have traded as low as $57.37 and as high as $78.56. On average, 853518 shares of BMO exchange hands on a given day and today's volume is recorded at 333680.
Shares of BMO traded higher by 1.02% or $0.77/share to $76.37. In the past year, the shares have traded as low as $72.70 and as high as $85.71. On average, 1551660 shares of BMO.TO exchange hands on a given day and today's volume is recorded at 2342596.
Shares of UBS traded higher by 3.47% or $0.63/share to $18.77. In the past year, the shares have traded as low as $16.01 and as high as $18.80. On average, 1474450 shares of UBS exchange hands on a given day and today's volume is recorded at 806363.