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BMO clients launch lawsuit alleging millions lost from adviser’s risky trading strategies: A group of Bank of Montreal clients are suing their financial adviser, along with the bank’s brokerage division, claiming they have lost tens of millions in savings after being placed in high-risk trading accounts without their consent. (Clare O’Hara)

Outdoor recreation retailer MEC sold to U.S. private investment firm: Struggling sports and outdoor recreation retailer MEC obtained court protection from creditors and agreed to be sold to private investment firm Kingswood Capital Management LP, ending the retailer’s 49 years as a cooperative. California-based Kingswood has created a B.C.-based affiliate to run the business, and appointed a new CEO, Eric Claus. (Susan Krashinsky Robertson)

GardaWorld mounting hostile takeover attempt for G4S worth $5-billion: Canadian security company GardaWorld is mounting a hostile takeover attempt for British rival G4S PLC worth £3-billion ($5-billion), betting it can stir investor support for an offer after being snubbed in three previous approaches over three months. (Nicolas Van Praet)

IGM chief executive Jeff Carney steps down after Alzheimer’s diagnosis: IGM Financial Inc.'s chief executive officer Jeff Carney has departed the company for health reasons, handing the reins over to former Scotiabank executive James O’Sullivan. (Clare O’Hara)

Former CI Financial executives to launch ETF division at Guardian Capital: Several former CI Financial Corp. executives have joined forces with plans to boost asset manager Guardian Capital LP’s presence in the retail wealth management industry. (Clare O’Hara)

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