TORONTO — TD Bank Group said Monday it will pay US$1.2 billion to settle a lawsuit related to one of the largest Ponzi schemes ever orchestrated.
The bank, along with several other financial institutions, was about to face trail in the case in Texas for its alleged role in the $7 billion scheme operated by the Stanford Financial Group.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
Under the terms of the U.S. agreement, TD has settled with the receiver, the official Stanford Investors Committee and other plaintiffs in the litigation. National Bank analyst Gabriel Dechaine said that while the settlement could push the bank below the capital buffer expected by investors, he doesn’t expect TD would need to sell shares to make up the shortfall.Article content
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