MINT·2026-01-13 18:47Core Viewpoint - Two brothers, Michael and George Doumet, are suing Bank of Nova Scotia for wrongful termination from their stock-analyst positions, claiming unjust treatment and breaches of the bank's personal-trading policy led to their dismissals [1][2][19]. Group 1: Termination Details - The Doumet brothers were terminated after a compliance review revealed Michael Doumet's frequent trading in a small-cap stock and communication with the company's CFO, leading to allegations of policy breaches [3][10]. - Following the firings, three senior compliance employees were also dismissed for failing to escalate trading concerns, indicating a broader issue within the compliance department [4][5]. - The firings occurred swiftly, with both brothers receiving termination letters in separate five-minute meetings with their supervisor [8]. Group 2: Financial Background - Michael Doumet earned approximately C$400,000 (about $290,000) in total compensation in 2023, while George Doumet earned around C$490,000 [7]. - The brothers are seeking a combined C$1.65 million in severance pay and damages in their lawsuit against Scotiabank [9]. Group 3: Compliance and Investigations - The compliance department's internal probe was prompted by a whistleblower complaint, leading to an external investigation by law firm Torys LLP [4][16]. - The Doumet brothers failed to register their wives' trading accounts as related-party investment accounts, which was cited as a violation of the bank's trading policy [17][20]. - Scotiabank has faced increased scrutiny regarding its compliance controls, particularly following a significant anti-money-laundering settlement with US authorities [5].