TD fined US$3.09 billion by U.S. regulators

TORONTO – Shares of Toronto-Dominion Bank were down in early trading following reports the bank is nearing a settlement with U.S. regulators regarding failures of its anti-money laundering safeguards.

Multiple media reports said the bank will pay billions in financial penalties as well as face non-financial sanctions that will put limits on its growth in the U.S.

TD has said it will hold a conference call later today, but did not offer details regarding what the call would be about.

The Canadian bank has been working to resolve investigations into failures in its anti-money laundering program in the U.S.

The probes have been a major overhang for the bank and helped scuttle its proposed US$13.4-billion acquisition of U.S. bank First Horizon Corp.

TD shares were down $5.78, or about 6.6 per cent, at $81.33 by late morning on the Toronto Stock Exchange.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

LEAMINGTON, Ont. – Cannabis company Tilray Brands Inc. reported a loss of US$34.7 million in its first quarter, compared with a loss of US$55.9 million in the same quarter last year, as its net revenue rose 13 per cent.

The company, which keeps its books in U.S. dollars, says the loss amounted to four cents US per diluted share for the quarter ended Aug. 31 compared with a loss of 10 cents US per diluted share a year earlier.

Net revenue totalled US$200.0 million for the three-month period, up from US$176.9 million in the same quarter last year.

The increase came as Tilray’s beverage alcohol business earned net revenue of US$56.0 million, up from US$24.2 million a year ago, while its cannabis business saw net revenue of US$61.2 million, down from US$70.3 million in the same quarter last year.

Tilray’s distribution business earned US$68.1 million in net revenue, down from US$69.2 million, and its wellness business earned US$14.8 million in net revenue, up from US$13.3 million a year ago.

On an adjusted basis, Tilray says it lost a penny US per share in its latest quarter compared with an adjusted loss of four cents US per share a year earlier.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:TLRY)

The Canadian Press. All rights reserved.

TORONTO – Siskinds LLP says a $70.25 million class-action settlement has been reached with TD Asset Management over commissions paid to discount brokers.

The law firm says the class action members alleged that since discount brokers aren’t allowed to provide investment advice, investors receive no value for the trailing commissions they pay to such brokers.

It says trailing commissions paid on mutual funds are meant to compensate mutual fund dealers for investment advice they provide to investors.

Siskinds says it has filed proposed class actions against several mutual fund managers that have discount brokers, which along with TD Direct Investing, also includes RBC Direct Investing, BMO InvestorLine, CIBC Investor’s Edge, Scotia iTRADE and National Bank Direct Brokerage.

The proposed settlement with TD covers anyone who held units of a TD mutual fund trust through a discount broker on Sept. 11, 2024 or earlier.

TD did not immediately respond to a request for comment on the settlement, which is still subject to approval by the Ontario Superior Court of Justice.

This report by The Canadian Press was first published Oct. 9, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.