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Former Optionable CEO files to dismiss BMO suit permanently

BMO had already filed to dismiss the suit, but with the option to refile in the future

Kevin Cassidy, the former CEO of commodities brokerage Optionable Inc., pled guilty to criminal charges in 2012 for helping the Bank of Montreal (BMO) conceal as much as C$853 million ($803 million) in commodity trading losses. But is the bank’s four-year old civil suit against Cassidy malicious in nature?

Cassidy believes so, and he has filed to have BMO’s suit dropped permanently in a Manhattan court filing. Cassidy calls the suit malicious because it intended to shift blame away from the bank’s own problems. BMO had already asked the court to drop the case without prejudice, meaning the bank could refile the suit down the road.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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