Both TD Bank (TD) and its shareholders braced for a severe fine related to its anti-money laundering practices.
On Thursday, TD and its subsidiaries in the U.S. entered consent orders. Its plea agreement with the Department of Justice and the U.S. Attorney’s Office will result in a total fine of around $3.1 billion. The bank previously covered the cost with a $3.05 billion provision. In addition, the bank faces an asset cap of $434 billion at TD Bank, NA, and TD Bank USA, NA.
TD stock fell by over 6.41%. The dividend is safe, paying a yield of 5.05%.
Teva Pharmaceuticals (TEVA) closed the chapter on its troubles with its multiple sclerosis drug Copaxone. It will pay $425 million to resolve allegations involving its kickbacks. The U.S. government accused Teva of violating an Anti-Kickback Statute from 2006 to 2017.
In the automotive sector, struggling firm Stellantis (STLA) CEO Carlos Tavares plans to retire in 2026. The company paid the CEO $39.49 million in 2023. In the interim, the firm will restructure its management team in response to lower sales in the U.S. at its Jeep, Chrysler, and Dodge dealerships.
In brighter news, watch Tesla (TSLA) stock today. Markets will react to the firm’s unveiling of its robotaxis in Hollywood. Shareholders prefer to focus on Tesla’s developments in self-driving software, robotaxis, and AI investments. Tesla EV deliveries continued to slow in the last quarter.
