One litigation analyst says Toronto-Dominion Bank’s final settlement related to U.S. compliance lapses could be as high as US$4 billion.
Elliott Stein, Senior Litigation Analyst, joins BNN Bloomberg to talk about TD Bank has set aside $3.05billion in provisions and gives his thoughts about it.
“The $3 billion in provisions that TD has taken over the last couple of quarters, that sets a floor for what the potential monetary penalty is going to be, but we don’t really know what the final number is going to Stein said there is not a precedent for anti-money laundering penalties in amounts this high “for any bank at all,” and anti-money laundering violations typically result in penalties in the “hundreds of millions of dollars.”
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