TD’s Laundering Settlement ‘Darkest Day’ for Bank, Chair Says

Toronto-Dominion Bank experienced the “darkest day” in its 170-year history when it reached a $3.1 billion settlement over the company’s failure to catch and stop money laundering at numerous US branches, board Chair Alan MacGibbon said Thursday.

MacGibbon’s comments came during the bank’s annual general meeting in Toronto, which marked the first time executives and directors have faced shareholders in person since the October settlement with US law enforcement and regulators.

“I apologize to all investors,” MacGibbon said. The settlements were “extraordinarily painful” for the bank, which has roots dating back to 1855, and Toronto-Dominion is committed to change, he ...