Supreme Court Hearings - I Trade Finance Inc. v. Bank of Montreal
I Trade Finance Inc. v. Bank of Montreal - November 4, 2010
These two financial institutions were the victims of the same fraudulent scheme. I Trade Finance had provided $11 million to finance fictitious contracts for computer services with a non-existent U.S. company. The fraudulently obtained assets were then used as security to get a credit increase to $75,000 for a BMO Mastercard account. At issue is which financial institution is entitled to the roughly $130,000 that is currently held in trust.