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Bank of Montreal to pay $38 million to settle with U.S. SEC

Sept 27 (Reuters) - Two units of Bank of Montreal  BMO.TO 
agreed to pay about $38 million to settle U.S. Securities and
Exchange Commission charges they concealed conflicts of interest
in how financial advisers selected some investments for clients.
    The SEC on Friday said the payments by BMO Harris Financial
Advisors and BMO Asset Management will go into a fund for
eventual distribution to clients. BMO will pay an $8.25 million
civil fine plus $29.73 million of disgorgement and interest. The
units did not admit or deny wrongdoing in agreeing to settle.   

 (Reporting by Jonathan Stempel in New York
Editing by Leslie Adler)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))

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