Lead Plaintiff Deadline is Approaching - Act Now

The Toronto-Dominion Bank® Class Action

Tiessen v. The Toronto-Dominion Bank et al.

The Toronto-Dominion Bank®

NASDAQ: TD

Class Period : 02/29/2024 - 10/09/2024

Lead Plaintiff Motion Deadline: 12/23/2024

The Toronto-Dominion Bank® Shareholder Class Action

The Toronto-Dominion Bank® (TD Bank®) shareholders are taking legal action following the bank’s guilty plea to violating the Bank Secrecy Act (BSA), resulting in significant penalties and fines. TD Bank® was found to have failed in its anti-money laundering (AML) efforts, which ultimately led to a dramatic drop in its stock price and financial outlook. The class action lawsuit is aimed at securing compensation for investors who suffered losses due to the bank's misconduct.

Alleged Misstatements and Omissions

The class action lawsuit against TD Bank® highlights several serious issues:

  • Failure to Detect Suspicious Activity: For more than six years, TD Bank® failed to detect suspicious activity, including the involvement of its employees in illicit financial operations. In 2021, a TD Bank® employee facilitated money laundering by opening numerous accounts for shell companies engaged in illegal activity. The bank knowingly failed to control this risk despite clear red flags.
  • Deficient Transaction Monitoring Program: TD Bank® repeatedly identified concerns with its transaction monitoring program, which is crucial for detecting and reporting suspicious activities. However, the bank failed to take appropriate action to remedy these issues, leaving its system vulnerable to exploitation.
  • Willful Negligence and Evading Reporting Requirements: The bank's actions were deemed intentional, as it avoided maintaining a proper AML program. TD Bank® also deliberately failed to monitor many transactions, resulting in $18.3 trillion in unmonitored transactions, or 92% of total volume.

The Impact on TD Bank® Stock Price

The full extent of TD Bank’s® violations came to light on October 10, 2024, when the company pled guilty and agreed to pay over $1.8 billion in penalties for violations of the BSA. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed an additional $1.3 billion penalty. This was part of a coordinated resolution with the U.S. Department of Justice, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC).

As part of the settlement, TD Bank® also announced that it would be subject to formal oversight, including a Monitorship, and that its U.S. banking subsidiaries’ total assets would be capped at $434 billion. This asset cap is expected to limit TD Bank’s® future growth and earning potential in the U.S. market.

The news of the guilty plea and penalties caused a significant drop in TD Bank's® stock price. From a closing price of $63.51 per share on October 9, 2024, the stock fell to $59.44 per share on October 10 and then further declined to $57.01 per share on October 11, marking a decline of more than 10.23% over just two days.

Investor Reactions and Analyst Downgrades

The announcement caused a shockwave among investors and analysts, with RBC Capital Markets downgrading TD Bank’s® stock and slashing its price target. Analysts expressed surprise at the severity of the charges, particularly the imposition of the asset cap, which they believed would significantly restrain TD’s growth in the U.S. market. The downgrade pointed out that the scale of the lapses and the harm to the bank’s credibility would likely lead to a discounted valuation for years to come.

Legal Rights for Affected Shareholders

If you are a shareholder of Toronto-Dominion Bank® and have suffered financial losses due to these revelations, you may be eligible to join the class action lawsuit. TD Bank’s® failure to comply with crucial anti-money laundering regulations and the resulting fines, penalties, and asset cap have caused a sharp drop in its stock price, impacting investors.

Take Action Now

If you believe TD Bank’s® actions impacted you, now is the time to take action. Contact our legal team for a free consultation to understand your rights and see if you qualify to join the class action lawsuit. 

Don’t wait—take the first step toward securing justice and compensation for your financial losses.

iStock-1453648525

Contact DiCello Levitt Today To Explore Your Legal Options

DiCello Levitt, known for its success in protecting shareholder rights, actively seeks justice for those affected by TD Bank’s® alleged misconduct.

If you held TD Bank’s stock during the class period and believe you suffered losses due to these alleged misrepresentations, you may be eligible to participate in this class action lawsuit.

Contact DiCello Levitt today to explore your legal options and understand how to join this critical effort to seek accountability and potential recovery for your investment losses. Our team is dedicated to advocating for shareholder interests and can provide you with the guidance and support needed during this process.

Take action now to protect your rights as an investor and learn more about this significant legal opportunity.

All victims affected by TD Bank’s® alleged deceptive practices and failure to meet basic compliance standards should receive justice and potential compensation, beginning with a free, private case review with our experienced legal team.

The Importance of Joining a Class Action

Class action lawsuits can provide an efficient mechanism to compensate injured victims, hold wrongdoers accountable, or affect how a company or an industry operates.  Class actions allow injured parties to come together and take on larger adversaries.  By leveraging the power of a group class members the class can match the resources of a corporate defendant and put the parties on equal footing.

If you have been adversely affected by corporate misconduct, you may join DiCello Levitt’s class action lawsuit and help hold the wrongdoers responsible for their alleged misconduct, potentially recover your financial losses, and contribute to enforcing higher ethical, governance, and compliance standards.  Your participation can make a difference.

To learn more about how to join the lawsuit and your potential eligibility, please contact DiCello Levitt.  DiCello Levitt is committed to representing the interests of all affected parties and pursuing justice in this significant case.

Find Out if You may be a Member
of the Class

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The Toronto-Dominion Bank® Class Action

Tiessen v. The Toronto-Dominion Bank et al.

The Toronto-Dominion Bank®

NASDAQ: TD

Class Period : 02/29/2024 - 10/09/2024

Lead Plaintiff Motion Deadline: 12/23/2024

The Toronto-Dominion Bank® Shareholder Class Action

The Toronto-Dominion Bank® (TD Bank®) shareholders are taking legal action following the bank’s guilty plea to violating the Bank Secrecy Act (BSA), resulting in significant penalties and fines. TD Bank® was found to have failed in its anti-money laundering (AML) efforts, which ultimately led to a dramatic drop in its stock price and financial outlook. The class action lawsuit is aimed at securing compensation for investors who suffered losses due to the bank's misconduct.

Alleged Misstatements and Omissions

The class action lawsuit against TD Bank® highlights several serious issues:

  • Failure to Detect Suspicious Activity: For more than six years, TD Bank® failed to detect suspicious activity, including the involvement of its employees in illicit financial operations. In 2021, a TD Bank® employee facilitated money laundering by opening numerous accounts for shell companies engaged in illegal activity. The bank knowingly failed to control this risk despite clear red flags.
  • Deficient Transaction Monitoring Program: TD Bank® repeatedly identified concerns with its transaction monitoring program, which is crucial for detecting and reporting suspicious activities. However, the bank failed to take appropriate action to remedy these issues, leaving its system vulnerable to exploitation.
  • Willful Negligence and Evading Reporting Requirements: The bank's actions were deemed intentional, as it avoided maintaining a proper AML program. TD Bank® also deliberately failed to monitor many transactions, resulting in $18.3 trillion in unmonitored transactions, or 92% of total volume.

The Impact on TD Bank® Stock Price

The full extent of TD Bank’s® violations came to light on October 10, 2024, when the company pled guilty and agreed to pay over $1.8 billion in penalties for violations of the BSA. The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed an additional $1.3 billion penalty. This was part of a coordinated resolution with the U.S. Department of Justice, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC).

As part of the settlement, TD Bank® also announced that it would be subject to formal oversight, including a Monitorship, and that its U.S. banking subsidiaries’ total assets would be capped at $434 billion. This asset cap is expected to limit TD Bank’s® future growth and earning potential in the U.S. market.

The news of the guilty plea and penalties caused a significant drop in TD Bank's® stock price. From a closing price of $63.51 per share on October 9, 2024, the stock fell to $59.44 per share on October 10 and then further declined to $57.01 per share on October 11, marking a decline of more than 10.23% over just two days.

Investor Reactions and Analyst Downgrades

The announcement caused a shockwave among investors and analysts, with RBC Capital Markets downgrading TD Bank’s® stock and slashing its price target. Analysts expressed surprise at the severity of the charges, particularly the imposition of the asset cap, which they believed would significantly restrain TD’s growth in the U.S. market. The downgrade pointed out that the scale of the lapses and the harm to the bank’s credibility would likely lead to a discounted valuation for years to come.

Legal Rights for Affected Shareholders

If you are a shareholder of Toronto-Dominion Bank® and have suffered financial losses due to these revelations, you may be eligible to join the class action lawsuit. TD Bank’s® failure to comply with crucial anti-money laundering regulations and the resulting fines, penalties, and asset cap have caused a sharp drop in its stock price, impacting investors.

Take Action Now

If you believe TD Bank’s® actions impacted you, now is the time to take action. Contact our legal team for a free consultation to understand your rights and see if you qualify to join the class action lawsuit. 

Don’t wait—take the first step toward securing justice and compensation for your financial losses.

iStock-1453648525

Contact DiCello Levitt Today To Explore Your Legal Options

DiCello Levitt, known for its success in protecting shareholder rights, actively seeks justice for those affected by TD Bank’s® alleged misconduct.

If you held TD Bank’s stock during the class period and believe you suffered losses due to these alleged misrepresentations, you may be eligible to participate in this class action lawsuit.

Contact DiCello Levitt today to explore your legal options and understand how to join this critical effort to seek accountability and potential recovery for your investment losses. Our team is dedicated to advocating for shareholder interests and can provide you with the guidance and support needed during this process.

Take action now to protect your rights as an investor and learn more about this significant legal opportunity.

All victims affected by TD Bank’s® alleged deceptive practices and failure to meet basic compliance standards should receive justice and potential compensation, beginning with a free, private case review with our experienced legal team.

The Importance of Joining a Class Action

Class action lawsuits can provide an efficient mechanism to compensate injured victims, hold wrongdoers accountable, or affect how a company or an industry operates.  Class actions allow injured parties to come together and take on larger adversaries.  By leveraging the power of a group class members the class can match the resources of a corporate defendant and put the parties on equal footing.

If you have been adversely affected by corporate misconduct, you may join DiCello Levitt’s class action lawsuit and help hold the wrongdoers responsible for their alleged misconduct, potentially recover your financial losses, and contribute to enforcing higher ethical, governance, and compliance standards.  Your participation can make a difference.

To learn more about how to join the lawsuit and your potential eligibility, please contact DiCello Levitt.  DiCello Levitt is committed to representing the interests of all affected parties and pursuing justice in this significant case.

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