Investigations
The Toronto-Dominion Bank
Overview
Overview
- Deadline:
- Dec 23, 2024
| Company Name: | Company Name: The Toronto-Dominion Bank |
| Stock Symbol: | Stock Symbol: TD |
The Toronto-Dominion Bank (NYSE: TD): The Toronto-Dominion Bank (“TD Bank” or the “Company”) and certain of the Company’s senior executives have been sued for violations of the federal securities laws. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in TD Bank securities. The case is pending in the U.S. District Court for the Southern District of New York and is captioned Tiessen v. The Toronto-Dominion Bank., et al., No. 24-cv-08032.
If you incurred losses on your investments in TD Bank, you are encouraged to submit your information.
Why was TD Bank Sued for Securities Fraud?
TD Bank is the 10th largest bank in the United States. The complaint alleges that TD Bank made materially false and misleading statements about the scope of its anti-money laundering program.
On October 10, 2024, TD Bank pleaded guilty to criminal money-laundering-related charges and agreed to pay more than $3 billion in fines to the U.S. Department of Justice, the Federal Reserve, the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network. The Comptroller of the Currency also imposed an “asset cap” that prevents TD Bank from growing any larger than its current size.
Attorney General Merrick B. Garland said in an October 10, 2024 statement: “By making its services convenient for criminals, TD Bank became one. Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties.”
Additionally, Principal Assistant Attorney General Nicole M. Argentieri stated: “For nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks. As bank employees acknowledged in internal communications, these failures made the bank an ‘easy target’ for the ‘bad guys.’ These failures also allowed corrupt bank employees to facilitate a criminal network’s laundering of tens of millions of dollars.”
The Stock Declines as the Truth is Revealed
The news caused a significant decline in the price of TD Bank stock. On October 10, 2024, the price of the company’s stock fell 6.4%, from a closing price of $63.51 per share on October 9, 2024, to $59.44 per share on October 10, 2024.
What are my Rights?
If you purchased or otherwise acquired TD Bank securities, you may ask the Court no later than December 23, 2024, which is the first business day after 60 days from the date of the publication of notice of pendency of the action, to appoint you as Lead Plaintiff through counsel of your choice. To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you incurred losses on your investments in TD Bank, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you incurred losses on your investments in TD Bank, you are encouraged to submit your information.
Why was TD Bank Sued for Securities Fraud?
TD Bank is the 10th largest bank in the United States. The complaint alleges that TD Bank made materially false and misleading statements about the scope of its anti-money laundering program.
On October 10, 2024, TD Bank pleaded guilty to criminal money-laundering-related charges and agreed to pay more than $3 billion in fines to the U.S. Department of Justice, the Federal Reserve, the Comptroller of the Currency, and the Treasury Department’s Financial Crimes Enforcement Network. The Comptroller of the Currency also imposed an “asset cap” that prevents TD Bank from growing any larger than its current size.
Attorney General Merrick B. Garland said in an October 10, 2024 statement: “By making its services convenient for criminals, TD Bank became one. Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties.”
Additionally, Principal Assistant Attorney General Nicole M. Argentieri stated: “For nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks. As bank employees acknowledged in internal communications, these failures made the bank an ‘easy target’ for the ‘bad guys.’ These failures also allowed corrupt bank employees to facilitate a criminal network’s laundering of tens of millions of dollars.”
The Stock Declines as the Truth is Revealed
The news caused a significant decline in the price of TD Bank stock. On October 10, 2024, the price of the company’s stock fell 6.4%, from a closing price of $63.51 per share on October 9, 2024, to $59.44 per share on October 10, 2024.
What are my Rights?
If you purchased or otherwise acquired TD Bank securities, you may ask the Court no later than December 23, 2024, which is the first business day after 60 days from the date of the publication of notice of pendency of the action, to appoint you as Lead Plaintiff through counsel of your choice. To be a member of the Class, you need not take any action at this time. The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff.
If you incurred losses on your investments in TD Bank, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.