TD Bank expected to pay $3 billion in fines and limit growth in DOJ settlement: Report

Settlement Details - TD Bank is expected to pay $3 billion in fines to the Department of Justice and financial crimes regulators to settle a federal probe related to alleged failure to monitor money laundering by drug cartels [1] - The settlement includes growth restrictions on TD Bank, similar to those imposed on Wells Fargo in 2018 [2] Market Reaction - TD Bank shares were down more than 3% midday Thursday following the news [2] Company Background - TD Bank's U S unit is the 10th-largest American bank by assets [1]