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Suncor Energy pleads guilty to charges for 2019 injury on oil vessel off Newfoundland

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ST. JOHN’S, N.L. – Suncor Energy has been fined $90,000 after pleading guilty to two charges stemming from a worker injury in 2019 aboard its production vessel in an oilfield off the coast of Newfoundland.

In a news release Thursday, the province’s offshore oil regular said the company must also give $20,000 to the College of the North Atlantic’s health and safety management program.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Calgary-based Suncor pleaded guilty on Sept. 5 for failing to ensure the safety of its employees and failing to ensure its employees wore a safety harness attached to a lifeline while inside a confined space.

The board says a worker fell 7.6 metres from a safety ladder while testing for hydrogen sulfide in a ballast tank on the floating production and storage vessel in the Terra Nova offshore oilfield.

An agreed statement of facts says two emergency response workers then went into the tank to tend to the fallen man, and they were not wearing gas masks.

Suncor Energy is the majority owner of the Terra Nova oilfield, and it reported net earnings of $1.57 billion in the second quarter of this year.

This report by The Canadian Press was first published Sept. 17, 2024.

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TD Bank to pay more than US$28M in settlement for market manipulation

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TORONTO – TD Bank Group has agreed to pay more than US$28 million after an investigation into manipulation of the U.S. Treasuries market by one of its traders.

The deferred prosecution agreement with the U.S. Department of Justice has TD agreeing that a former employee created a false appearance of supply or demand in the market by placing bids or offers, only to cancel them before completion.

The agreement says hundreds of so-called spoof orders were placed, amounting to tens of billions of dollars of false supply and demand, in an effort to artificially increase the market prices of those products.

The resolution comes as TD is also soon expected to settle a sweeping investigation into shortcomings of its anti-money laundering program that the bank expects will cost it more than US$3 billion.

The agreement on the spoofing case has TD paying about US$12.6 million in civil penalties. It also faces US$9.4 million in criminal penalties, which court documents say is the statutory maximum, plus US$4.7 million in victim compensation and US$1.4 million in forfeiture.

TD says it takes regulatory and employee conduct violations very seriously, and that it reported the employee and fired him and has since enhanced its monitoring and compliance capabilities.

This report by The Canadian Press was first published Sept. 30, 2024.

Companies in this story: (TSX:TD)

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TD Bank announces new co-heads of U.S. commercial banking business

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Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

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Payments tech company Lightspeed Commerce conducting strategic review of business

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MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.

The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.

Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.

A strategic review is often seen by investors as a prelude to a sale by a company.

Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.

Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:LSPD)

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