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.