Toronto-Dominion Bank executives knowingly concealed and downplayed issues with its anti-money laundering controls, allowing drug traffickers to use its services and spurring stock declines when the news came out, a proposed shareholder class action says.
The latest lawsuit over the bank’s anti-money laundering controls was filed the same day that the US Department of Justice said a former TD employee was arrested as part of a string of charges over compliance failures at the bank.
Controls at TD were inadequate for almost a decade as senior executives postponed and canceled necessary projects to keep the annual budget down, the lawsuit ...
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