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On June 15, 2022, CNBC published an article “Sen. Warren asks bank regulator to reject TD’s $13.4 billion acquisition after customer-abuse report” which covered the following matters:
- "TD employed a point system and bonuses to incentivize workers to open customer accounts and opt into overdraft protection, and workers could lose their jobs if they didn’t meet goals;
- Workers were instructed to create four new accounts for each customer — checking, savings, online and a debit card — and opened accounts even if a consumer declined one of the options;
- That was one of several strategies cited by the news organization, including fabricating reasons such as fraud alerts to call consumers in the hope of convincing them to open more accounts, opening new accounts rather than simply replacing missing debit cards, and misstating key aspects of overdraft programs to encourage their adoption."
On this news, TD’s stock price fell by 3.66% the next day and lost about $4.6 billion in market capitalization, seriously damaging investors.
Failure to Disclose,
Shock Event Date
15 June 2022