Toronto-Dominion Bank Takes Positive Adjustment of $477 Million to Enron Reserve

Toronto-Dominion Bank announced Thursday that it will take a positive adjustment of $477 million, or $323 million after tax, to its set-aside for Enron litigation-related exposure “in light of the recent favourable evolution of case law in similar securities class actions.”

The Globe and Mail reports that other banks such as Royal Bank of Canada have set aside similar amounts for Enron law suits, but have not made any announcement on the status of those reserves.

Read the Globe and Mail article