Finance
TD’s Laundering Settlement ‘Darkest Day’ for Bank, Chair Says
Alan MacGibbon, chair of the board of Toronto-Dominion Bank, speaks during the company's annual meeting in Toronto on Thursday.
Photographer: Chloe Ellingson/BloombergToronto-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.