Td Bank Group Announces Litigation Provision; to Pay $153M CDN

TD Bank Group

announced today that it has taken a litigation provision of CDN$255 million, resulting in an after-tax charge of CDN $153 million (approximately CDN $0.17 per share), to be recorded in the first quarter and disclosed as an item of note in the bank's financial reporting. As a result of recent adverse judgments, the bank has taken prudent steps to re-assess its litigation reserve. Having considered these judgments as well as other related or analogous litigation cases, the bank determined that, in accordance with applicable accounting standards, this litigation provision was required. Based on the current environment and information, the bank believes this provision is appropriate and while additional exposure is possible, it will be manageable. TD will consider all options including appeal in respect of these judgments and intends to defend itself vigorously in all cases in which it or its subsidiaries are defendants.