Editing ATB Financial (section)

===West Edmonton Mall scandal ===

In 1998 ATB filed a lawsuit against the former acting superintendent of the bank and the [[Ghermezian family]] alleging the family [[bribed]] the official to issue a commercially unreasonable [[loan guarantee]] for [[West Edmonton Mall]]. The $65-million, 30-year loan in question was issued at no interest, and fully guaranteed a $353.5-million loan provided by [[Toronto Dominion Bank]], both occurring on October 31, 1994. The loan agreement also provided unusual concessions such as allowing dividends to continue to be paid, prevents ATB from initiating foreclosure proceedings for 20 years and included a lease that allowed the Ghermezian family the right to manage the mall for 99 years.<ref>{{cite news |last1=Bennett |first1=Dean |title=Mall owners call ATB allegations 'a conspiracy' |work=[[Calgary Herald]] |agency=The Canadian Press |date=August 29, 1998 |location=Edmonton |page=A5}}</ref> The former superintendent claimed the financing occurred on the orders of Premier [[Ralph Klein]] and other provincial politicians, although a probe by the auditor general found no evidence of government direction. The lawsuit was settled in December 2002, with details of the settlement remaining private.<ref>{{cite news |last1=Brethour |first1=Patrick |title=Ghermezians, ATB reach deal |url=https://www.theglobeandmail.com/report-on-business/ghermezians-atb-reach-deal/article25428729/ |access-date=March 26, 2021 |work=[[The Globe and Mail]] |date=December 21, 2002 |location=Calgary}}</ref>