The Globe and Mail reports in its Saturday edition that the U.S. Justice Department is looking at how drug traffickers used Toronto-Dominion Bank to launder proceeds from fentanyl sales. The Globe's David Berman writes that investors might be relieved if they only look at TD's share price. The drop in TD's shares has been relatively muted. That is because probes into TD's anti-money-laundering practices have been known since last year. TD's shares have trailed most of its peers over this period. The bigger concern for investors, longer term at least, is whether the once lofty valuation that TD shares once enjoyed is now a thing of the past. The shares used to trade at a premium to other big bank stocks based on a number of valuation measures. The stability of the lender's large retail operations and TD's sizable footprint in the lucrative U.S. market, where branches outnumber those on TD's home turf, drove enviable growth. This premium, however, has been slipping away. TD also faces the threat of additional regulatory scrutiny that might slow its U.S. expansion. Darko Mihelic, an analyst at RBC Dominion Securities, said in a note that if the worst case is averted, the stock could significantly outperform its peers.