TD Bank Lawsuit 2024 has been implicated for breaching the federal securities laws in the USA. This breach has raised significant concerns among the TD Bank investors. The legal action is filed on the behalf of those who purchased the TD Bank securities citing the violations under the sections 10(b) and 20(b) of Securities Exchange act of 1934. This case is being heard in New York Southern District Court. TD bank, ranked as 10th largest bank in the US and this bank now faces the allegations that it provided misleading and false information regarding its anti-money laundering practices.
TD Bank Lawsuit 2024
On 10th October 2024 the TD Bank pleaded guilty to the criminal charges linked to money laundering. They agreed to pay over the $3 billion in penalties to various US financial authorities including the Department of Justice and the Federal Reserve. The Office of the Comptroller of the Currency has placed an asset cap on the bank, which will restrict the Growth of Bank. Let’s know more on this TD Bank Lawsuit 2024. This guide will include the amount of penalty, impact on the stock value, Rights for the Affected Investors. Let’s know the reasons for the Lawsuit.
TD Bank Lawsuit Highlights 2024
| Post Title | TD Bank Lawsuit 2024 |
| Year | 2024 |
| Name of the Bank | TD Bank |
| Stock Symbol | NYSE: TD |
| Court | US Southern District of New York |
| Case Number | No. 24-cv-08032 |
| Case Name | Tiessen v. The Toronto- Dominion Bank, et al. |
| Allegations | Violation of Federal Securities law |
| Key Dates | Lawsuit Filed 5th June 2024Guilty Plea 10th October 2024 |
| Deadline For Lead Plaintiff | 23rd December 2024 |
| Penalties | Over $3 Billion |
| Stock Price Impact | Price Dropped 6.4% on 10th October 2024 from $63.51 to $59.44 |
| Legal Representation | Bleichmar Fonti & Auld LLP |
| Contact for Investors | Ross Shikowitz Email: [email protected] Phone: 212-789-3619 |
| Fee | Contingency fee basis |
| Category | Finance |
Reasons For TD Bank Lawsuit
Attorney General Merrick B. Garland remarked that TD Bank facilitated the criminal activities by neglecting its responsibilities. Also he stated that TD Bank had become a significant player in the history of US Banking to admit guilt over the failures related to the Bank Secrecy Act. He also highlighted that Bank prioritisation of profits over legal compliance results in Substantial financial repercussions. Additionally, principal Assistant Attorney General Nicole M. Argentieri criticised the bank for its long standing failure to enhance its AML compliance measures which left it vulnerable to exploitation by criminals. Internal communications from the bank employees indicates that these deficiencies made TD Bank an easy target for illicit operations.
Fraud Impact On Stock Prices
The revelations of the guilty plea and the associated penalties the TD Bank stock suffered a notable decline. On 10th October 2024 the stock price Plummeted by 6.4% dropping from $63.51 on 9th October 2024 to $59.44. This decline reflects the investors concerns regarding the long term implications of the lawsuit and the bank compliance issues on profitability and operational stability.
Rights Of Affected Investors
The investors who acquired TD Bank securities are encouraged to act by 23rd December 2024 to request appointment as Lead plaintiff in the ongoing class action lawsuit. The investors do not need to take immediate action to be included in any potential future recoveries related to the lawsuit. The affected investors are strongly advised to consult with an attorney experienced in securities law to explore their legal options. The investors who seek for more information or wishing to pursue claims can reach out to Ross Shikowitz or they can email at [email protected]. Or they can call at 212-789-3619.
Fact Check: TD Bank Lawsuit 2024
It is reliable to say that TD Bank is currently involved in the legal issues for the violations of the anti money laundering regulations. The first bank in the United States to enter a guilty plea to conspiracy for money laundering is TD Bank. The bank failed to maintain the adequate anti money laundering controls which allowed millions to be laundered through its systems. A class action lawsuit has been filed against the TD Bank by shareholders who allege that the bank misrepresented its AML controls which resulted in a drop in stock value.
FAQ Related To TD Bank Lawsuit 2024
Regarding the efficacy of its anti-money laundering program, TD Bank is alleged to have made materially false and misleading claims.
The TD Bank agreed to pay more than $3 billion in fines after entering a guilty plea to money laundering violations on October 10, 2024.
TD Bank stock price dropped in a single day and lost about 6.4% of their value.
The investors who acquired TD Bank securities during August 2021 to June 2024 can participate.
The affected investors are encouraged to act by 23rd December 2024.
