The Bank Slate


Three more banks settle Stanford-related litigation

TD Bank in Toronto; Independent Bank Group in McKinney, Texas; and HSBC Holdings are the latest banks to settle longstanding litigation tied to Stanford Financial Group.

TD Bank agreed to pay $1.2 billion to settle claims it aided in the $7 billion Ponzi scheme. Independent, which inherited exposure from a past acquisition, will pay $100 million, while HSBC will pay $40 million.

Allen Stanford was convicted of fraud and money laundering in 2012. He is serving a 110-year prison sentence. Litigation against the banks goes back to 2009.

Trustmark had already disclosed plans to settle for about $100 million.

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