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    TD   CA8911605092

THE TORONTO-DOMINION BANK

(TD)
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Toronto Dominion Bank : Ontario court dismisses SIB's $4.5 bln case against TD Bank

06/09/2021 | 08:40pm EDT

June 9 (Reuters) - The Ontario Superior Court of Justice has dismissed Stanford International Bank's (SIB) $4.5 billion damages claim against Toronto-Dominion Bank over its role in a massive Ponzi scheme, SIB said on Wednesday.

Lawyers for the court-appointed liquidators of SIB, the collapsed Antigua bank of former Texas financier Robert Allen Stanford, had alleged negligence and "knowing assistance" by TD in providing a correspondent banking account that Stanford used to perpetuate fraud.

Justice Barbara Conway of the Ontario Superior Court said in ruling dated June 8 that TD did not owe a duty of care to SIB to protect it from "insider abuse". Even if a duty had existed, TD did not fall below the standard of care of a reasonable banker, she added.

TD's lawyers had argued the bank did not know about the fraud, and that damages should be limited to the estimated $5 million in profit from its relationship with SIB.

“We are pleased with the decision," TD said.

SIB said it was disappointed with the ruling and considering appealing it.

Stanford is serving a 110-year prison term in the United States after being convicted in 2012 of running a $7.2 billion Ponzi scheme.

Correspondent banking is the business of providing services to offshore financial institutions. The joint liquidators are Grant Thornton in the British Virgin Islands and the Cayman Islands. (Reporting by Juby Babu in Bengaluru and Nichola Saminather in Toronto Writing by Denny Thomas Editing by Chris Reese and Lincoln Feast)


ę Reuters 2021
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Financials
Sales 2021 39 683 M 31 830 M 31 830 M
Net income 2021 13 708 M 10 995 M 10 995 M
Net Debt 2021 - - -
P/E ratio 2021 11,9x
Yield 2021 3,63%
Capitalization 158 B 127 B 127 B
Capi. / Sales 2021 3,99x
Capi. / Sales 2022 3,83x
Nbr of Employees 90 000
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 93,30 CAD
Last Close Price 87,09 CAD
Spread / Highest target 14,8%
Spread / Average Target 7,13%
Spread / Lowest Target -2,40%
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Managers and Directors
NameTitle
Bharat B. Masrani Group President, CEO & Non-Independent Director
Riaz E. Ahmed Chief Financial Officer
Brian Michael Levitt Non-Executive Chairman
Michael George Rhodes Group Head-Innovation & Technology
Irene Ruth Miller Independent Director
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