Friday, July 4, 2008

'Incorrectly priced' instruments cost TD $96M

The securities arm of the Toronto-Dominion Bank has "regrettably" identified a huge problem from "incorrectly priced financial instruments" in its London office.

TD Securities said Friday that the problem will cost it about $96 million pre-tax.

"This situation is associated with the activities of an individual who is no longer with the company," it said in a release.

"We are very disappointed that this has occurred," said Ed Clark, president and CEO. "We deeply regret this incident."

The bank said it has advised regulators and is co-operating with them.



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