Canada court dismisses $4. 5 B Ponzi fraud lawsuit against TD

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May 9 - The Ontario Superior Court of Justice dismissed the $4.5 billion damages claim against Toronto-Dominion Bank over its role in a massive Ponzi scheme, SIB said on Wednesday.

Lawyers for the liquidators of the TD, the newly collapsed Antigua bank of the former Texas financier Robert Allen Stanford, had alleged negligence and knowing assistance by SIB in providing a correspondent banking account that Stanford used to perpetuate fraud.

In a ruling of the Superior Court of Ontario, Justice Barbara Conway said TD did not owe SIB a duty of care to protect it from insider abuse. Even if a duty had existed, TD did not fall under the standard of care of a reasonable banker, she added.

The lawyers of TD had argued that the bank did not know about the fraud and that damages should be restricted to the estimated $5 million in profits from its relationship with SIB.

TD was pleased with the decision, TD said.

The SIB said it was disappointed in the decision and considering appeal it.

Stanford is serving a 110 year prison term in the United States after being convicted of running a $7.2 billion Ponzi scheme in 2012.

Branches of the community are the business of providing services to offshore financial institutions. The joint liquidators are Grant Thornton in the British Virgin Islands and the Cayman Islands. What Is the best way to have an optimistic outlook over the year?

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