Reported about 2 months ago
Toronto-Dominion Bank announced it is setting aside $2.6 billion for expected fines due to violations in its anti-money laundering practices, and it has sold part of its stake in Charles Schwab Corp. to cover these costs. The bank has had to grapple with compliance issues leading to a projected total of $3 billion in penalties, worsened by a recent collapse of a major acquisition and ongoing investigations by U.S. authorities for allowing financial misconduct. The sale of 40.5 million shares of Schwab will lower its stake from 12.3% to 10.1%.
Source: YAHOO