In a decision dated 8 June, 2021 Justice Barbara Conway of the Ontario Superior Court of Justice dismissed SIB’s case against TD Bank.  SIB was seeking damages from TD Bank in the amount of approximately US$4.5 billion. 

Justice Conway ruled that TD did not owe a duty of care to SIB to protect it from ‘insider abuse’ and even if a duty had existed that TD did not fall below the standard of care of a reasonable banker.  Justice Conway’s judgment goes on to consider the position in the event she had ruled that a duty of care existed and that TD had breached that duty.  In that event she found that TD Bank would have been exposed to a significant damages awards, ranging between US$1.1 and 4.3 billion, agreeing with the findings of our damages expert, and dismissing other defences put forward by TD, including lack of causation, ex turpi causa and time limitations.  

We are deeply disappointed with today’s judgment, which leaves many thousands of creditors around the world without a material recovery after the collapse of Allen Stanford’s massive Ponzi scheme.

We are considering SIB’s position with our legal team including the possibility of appealing this judgment.  We will provide a further update shortly. 

See copy of the judgment here. 

Mark McDonald and Hugh Dickson

Joint Liquidators