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TD.US
id: 1374

The Toronto-Dominion Bank (TD) AML Program Violations Case

S.D. New York
Court
1:24-cv-08032
Case number
02/29/2024
Class period Start
10/09/2024
Class period End
12/23/2024
Lead Plaintiff motion deadline
  • $TD stockholders filed a claim against TD Bank for misleading them about its anti-money laundering program, which resulted in significant fines and restrictions.
  • After the announcement on October 10, 2024, $TD dropped by over 10% in two days.
  • $TD investors can join this case to be notified about potential recovery.
Case Details:

On April 30, 2024, TD disclosed a $450 million provision related to ongoing AML investigations, hinting at potential penalties.

By August 21, 2024, the bank increased this provision by $2.6 billion, signaling the serious financial impact expected from AML deficiencies.

Then, on October 10, 2024, TD revealed the resolution of multiple U.S. investigations into its AML program, resulting in a $3.09 billion fine and an asset cap on its U.S. banking subsidiaries.

These measures prevent the bank's U.S. subsidiaries from exceeding $434 billion in total assets and impose stricter approval processes for new services and markets.

After this news, $TD dropped over 10% in just two days.

Based on these events, $TD stockholders filed a claim accusing the company of the following:
  • The company misled investors about the scope of its AML program issues.
  • The company understated the potential financial and operational penalties it faced.
  • The company failed to disclose the impact of future punitive measures on its growth prospects.
Investors believe that TD misled them by downplaying the severity of its AML program issues and the penalties it was facing.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Financial Misrepresentation
Fraud
Suspected Party
Management
Investment Bank
Security Type
Stocks
Trade Direction
Long
Shock Event Date
10/10/2024
Filing date
10/22/2024
Lead Plaintiff Deadline
12/23/2024
Collecting participants…