TD Bank to pay $1.2B to settle Allen Stanford Ponzi scheme lawsuit

TD Bank to pay $1.2B to settle Allen Stanford Ponzi scheme lawsuit- Check out in detail

TD Bank, others agree to pay $1.35B settlements to end Allen Stanford Ponzi scheme litigation

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[{"selector":"#anim-28834842-47a9-4ff0-b234-38af1723a49b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(29.967023786107617%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] TD Bank and two other banks have agreed to pay a combined $1.35 billion to settle a lawsuit accusing them of aiding disgraced financier Allen Stanford’s $7 billion Ponzi scheme. Arrow

[{"selector":"#anim-0353cbc0-b9cc-4ecc-884a-12629b3b2633 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.252121887143993%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] TD Bank, or Toronto-Dominion Bank, agreed to pay $1.2 billion. HSBC Holdings is set to pay $40 million and Independent Bank Arrow

[{"selector":"#anim-95e146f7-f756-4595-aef9-01d2f6c8e69e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.319323505611145%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Former investors accused the banks of ignoring red flags and contributing to Stanford’s Ponzi scheme, one of the biggest in U.S. history. Arrow

[{"selector":"#anim-5acc93f3-1f24-4491-8ffe-62b40aa80bb5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Stanford and colleagues forged financial statements and lied to regulators about their financial condition to help bankroll Stanford’s lavish lifestyle. Arrow

Thousands of investors, including small business owners and retirees, lost their life savings

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Stanford was arrested in 2009 and in 2012 was sentenced to 110 years in prison.

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TD Bank noted that a previous trial in Canada found no liability and ruled in its favor.

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