RBC sued

TORONTO — Royal Bank is calling “absurd” a lawsuit filed against it by U.S. regulators that alleges it engaged in hundreds of millions of dollars in sham futures trades to reap tax benefits on its holdings of company stocks.

TORONTO — Royal Bank is calling “absurd” a lawsuit filed against it by U.S. regulators that alleges it engaged in hundreds of millions of dollars in sham futures trades to reap tax benefits on its holdings of company stocks.

The Commodity Futures Trading Commission lawsuit against Royal (TSX:RY), says the bank also concealed the true nature of the trades and made false statements to a futures trading exchange.

Royal says in a statement it consulted stock exchanges and the commission itself for guidance when the trades were made and got no objection from either.

The bank says it’s “absurd” that the CFTC is now alleging the trading activity was either fictitious or wash sales.

The agency said it is the largest case it has brought against so-called wash trades, which cancel each other out.

The CFTC alleged Royal Bank made the trades in stock futures contracts from 2007-10 with two foreign subsidiaries.

Just Posted

Rebels drop home opener to Oil Kings

The Edmonton Oil Kings were simply better than the Red Deer Rebels… Continue reading

Diesel spilled in Penhold neighbourhood

Penhold Fire Department responded

House fire in Penhold

Damage estimated at $30,000

Red Deer Players host play reading for public

Audience feedback for playwright

Sylvan Lake cleanup cancelled

Weather prompts cancellation

RDC Kings topple Medicine Hat College Rattlers

Kings Matheus Alves scores twice in the win

Nurse leads Canada over South Korea 82-63 at FIBA Women’s World Cup

TENERIFE, Spain — Kia Nurse poured in 29 points to lift Canada… Continue reading

Aretha Franklin exhibit debuts with eye toward her legacy

DETROIT — The Detroit museum that hosted Aretha Franklin’s public visitations after… Continue reading

‘Anaana’s Tent’ passes Inuit songs, legends, language to a new generation

In Pangnirtung, Nunavut, on the eastern tip of Baffin Island, Rita Claire… Continue reading

Housing data decision opens door to real estate innovation, say realtors

TORONTO — Realtor Daniel Steinfeld has wanted to post home sales data… Continue reading

Ty Long kicks winning field goal, Lions come back to beat Ticats in OT

VANCOUVER — Ty Long was eager for a special moment, and he… Continue reading

Indigenous eateries take centre stage in Canada thanks to increasing awareness

VANCOUVER — Since Paul Natrall started serving Indigenous cuisine from his Mr.… Continue reading

Canada’s capital region reeling after intense tornado rips through communities

OTTAWA — Parts of Canada’s national capital were still reeling Saturday after… Continue reading

Coaches, players on Alberta university rugby team buckle up for the Broncos

LETHBRIDGE, Alta. — The head coach of the University of Lethbridge Pronghorns… Continue reading

Most Read