TD Bank Reaches $1.205 Bln Settlement Related To Litigation Involving The Stanford Financial Group
(RTTNews) - TD Bank Group (TD, TD.TO) announced Monday that it has agreed to a settlement in principle relating to litigation involving the Stanford Financial Group.
Upon final approval of the settlement by the Court, TD will pay $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 a bar order dismissing and releasing all current or future claims arising from or related to the Stanford matter.
As has been the case throughout these proceedings, TD expressly denies any liability or wrongdoing with respect to the multi-year 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. 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. The amount will be reflected in TD's Corporate segment and treated as an item of note to reported results.
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