Everything You Need to Know on Tuesday: Toronto-Dominion Bank Settles for Over $20 Million in US Spoofing Case

$The Toronto-Dominion Bank (TD.CA)$ has reached a settlement exceeding $20 million with US authorities to resolve investigations into a former trader's alleged "spoof" orders that manipulated the US Treasuries market. The agreement includes a three-year deferred prosecution deal following accusations of submitting hundreds of fraudulent orders that distorted market supply and demand. The settlement also comes amid separate allegations of the bank's inadequate measures against money laundering at its US branches. The former trader, Jeyakumar Nadarajah, faces multiple charges but has pleaded not guilty. As part of the agreement, Toronto-Dominion will enhance its compliance protocols to prevent future violations.

$Barrick Gold Corp (ABX.CA)$ has reached an agreement with Mali's military leadership to settle disputes regarding its assets in the country. The Toronto-based mining company announced that both parties aim to find a global resolution concerning claims related to Barrick's Loulo and Gounkoto gold mining operations. Further details will be disclosed once the settlement terms are finalized, following reports of the arrest of four Barrick employees. The agreement comes amid pressure from Mali’s junta, which introduced a new mining code in 2023 that could increase government stakes in existing gold mines to 35%.

$Enbridge Inc (ENB.CA)$ has secured a tolling agreement with oil shippers for its Mainline crude pipeline system, following a rejection of its previous long-term contract proposal in 2021 by major oil producers, including Canadian Natural Resources. This new agreement encompasses tolls for both the Canadian and US segments of the pipeline, which transports nearly three million barrels of oil daily to refineries in eastern Canada and the US Midwest. Enbridge's president of Liquids Pipelines, Colin Gruending, emphasized that the settlement fosters cooperative relationships with shippers and ensures competitive service while providing attractive returns for the company. The agreement has received approval from Enbridge's Board of Directors and support from a 37-member industry group.