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.