![]() The bank didn’t have a duty to protect Stanford International Bank from insider abuse, and even if it did, Toronto-Dominion “did not fall below the standard of care of a reasonable banker,” Conway ruled. Magness have resulted in orders that could help them recover about US$229 million. Previous cases against Societe Generale SA and telecommunications investor Gary D. The decision closes off one potential avenue for liquidators to recoup losses related to Stanford’s US$7 billion fraud. ![]() The lender doesn’t need to pay the claim filed by trustees trying to recover losses from Stanford investors because Toronto-Dominion “did not know or have any reason to suspect that he was engaged in fraudulent behavior,” Ontario Superior Court Justice Barbara Conway said in a ruling dated Tuesday. Toronto-Dominion Bank was found not liable for losses related to convicted fraudster Allen Stanford’s Ponzi scheme, with an Ontario judge rejecting a US$4.5 billion negligence claim against the firm.
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