On or around 07/18/2019 (Ongoing date of last review)
Filing Date: March 12, 2017
According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) TD Bank’s wealth asset growth and increased fee-based revenue was spurred by a performance management system that led to its employees breaking the law at their customer’s expense in order to meet sales targets; (2) TD Bank illicitly increased customer’s lines of credit and overdraft protection amounts without their knowledge; (3) TD Bank illicitly upgraded customers to higher-fee accounts without informing them; (4) TD Bank lied to customers as to the risk of TD Bank’s products; and (5) as a result, defendants’ statements about TD Bank’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 13, 2017, the Court issued an Order consolidating Cases and appointing Lead Plaintiff. The consolidated Cases shall be identified as: "In re Toronto-Dominion Bank Securities Litigation." On December 21, the Court issued an Order approving Lead Plaintiff's selection of Counsel. Lead Plaintiff filed an amended Complaint on February 28, 2018. Lead Plaintiff filed a corrected amended Complaint on March 2 and again on March 5. Defendants filed a Motion to Dismiss the amended Complaint on April 16. On December 6, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On June 20, 2019, the parties entered into a Stipulation of Settlement. The Court issued an Order preliminarily approving the Settlement on July 18.
Company & Securities Information
Defendant: The Toronto-Dominion Bank
Industry: Money Center Banks
Ticker Symbol: TD
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Armando Durigon, et al. v. The Toronto-Dominion Bank, et al.