2/2/2024 0 Comments Tdbank and see finance![]() TD said it agreed to settle to “avoid the distraction and uncertainty of continuing a long legal proceeding.”Ĭlients of Stanford, were told that the certificates of deposit they purchased averaged a rate of return 3-4% higher than US CD’s, and that the bank made safe investments in products like stocks and bonds. “Given all the challenges faced by the receivership since 2009, this is nothing short of a monumental recovery,” said Kevin Sadler, lead counsel for the receiver, in a statement. The latest settlement brings the total recoveries amount to more than $1.6 billion. (HBCYF) and Societe Generale Private Banking, or Suisse – knew or should have known about the alleged fraud perpetrated by Stanford, and that they aided and abetted the disgraced financier in the 20-year scheme. ![]() (TRMK), TD, Bank of Houston (now Independent Bank Group ![]() In a securities filing, the firm denied liability or wrongdoing. Independent Bank did not immediately respond to a request for comment. “HSBC is pleased to have resolved this claim, which relates to matters over a decade old, with no admission of any liability or wrongdoing,” the bank said in a statement. Additionally, HSBC will pay $40 million and Independent Bank, formerly Bank of Houston, will pay $100 million, the receivership’s counsel confirmed. The settlement announcement comes the same day the banks were scheduled for trial in Houston federal court, averting the trial. “TD provided primarily correspondent banking services to Stanford International Bank Limited and maintains that it acted properly at all times,” the bank said. “As has been the case throughout these proceedings, TD expressly denies any liability or wrongdoing with respect to the multi-year Ponzi scheme operated by Stanford and makes no admission in connection to any Stanford matter as part of the settlement,” the Canada-based bank said in a statement. The lawsuit claimed TD Bank collected these deposits in US and Canadian dollar values and continuously ignored red flags about the Antigua-based bank over the years. Madoff was attending a hearing on his legal representation and is due back in court Thursday.crin (Photo by Mario Tama/Getty Images) Mario Tama/Getty ImagesĨ of the most notorious Ponzi schemes in US history Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court Main New York City.
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