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Be the first with the news that moves the market- TD Bank Group (TD) has agreed to a settlement relating to litigation involving the Stanford Financial Group
- TD will pay US$1.205 billion to the court-appointed receiver for the Stanford Receivership Estate
- TD denies any liability or wrongdoing with respect to the Ponzi scheme operated by Stanford, agreeing to settle the matter to avoid a long legal proceeding
- TD is the sixth largest bank in North America by assets and serves more than 27 million customers in four key businesses
- Toronto Dominion Bank (TD) is down 0.53 per cent on the day, trading at C$90.63 per share at 1 pm ET
TD Bank Group (TD) has agreed to a settlement relating to litigation involving the Stanford Financial Group.
Upon final approval of the settlement, TD will pay US$1.205 billion to the court-appointed receiver for the Stanford Receivership Estate. Under the terms of the agreement, TD has settled with the receiver, the Official Stanford Investors Committee, and other plaintiffs in the litigation and these parties have agreed to release all current or future claims arising from or related to the Stanford matter.
TD denies any liability or wrongdoing with respect to the Ponzi scheme operated by Stanford and makes no admission in connection to any Stanford matter as part of the settlement. TD elected to settle the matter to avoid the distraction and uncertainty of continuing a long legal proceeding. TD previously had a trial in Canada regarding the same Stanford matter, and the trial court ruled entirely in TD’s favour and found no liability. The Ontario Court of Appeal affirmed, and there is now an application for leave to appeal pending in the Supreme Court of Canada.
As a result of this settlement, TD will record a provision of approximately C$1.2 billion after tax in the first quarter of 2023.
TD is the sixth largest bank in North America by assets and serves more than 27 million customers in four key businesses operating in a number of locations in financial centres around the globe.
Toronto Dominion Bank (TD) is down 0.53 per cent on the day, trading at C$90.63 per share at 1 pm ET.
