Toronto-Dominion Bank, HSBC Bank PLC and other banks linked to convicted fraudster R. Allen Stanford must stand trial over claims they supported his $7 billion Ponzi scheme and should repay defrauded investors, a federal judge ruled.

Judge David Godbey of the U.S. District Court in Dallas on Thursday denied a request by the banks to avoid trial in a lawsuit brought on behalf of investors bilked by Mr. Stanford, citing evidence the banks knew his operation wasn’t on the level but still did business with him.

The…



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