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Case Status:    ONGOING    
On or around 05/23/2023 (Date of last review)

Filing Date: May 22, 2023

According to the Complaint, The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada, the United States, and internationally.

This action concerns statements made by, or on behalf of, TD Bank to the investing public regarding TD Bank’s ability to timely close a business combination with First Horizon Corporation – a combination that was ultimately abandoned. This is a federal securities class action on behalf of all persons or entities that purchased or otherwise acquired securities of First Horizon Corporation during the Class Period.

The Complaint alleges that Defendants failed to disclose that TD Bank had deficient internal controls that posed a significant risk to the closing of the First Horizon transaction. TD Bank allegedly suffered from grossly ineffective internal controls regarding anti-money-laundering practices and failed to appropriately report unusual transactions or suspicious activity to U.S. regulators. As a result, the Office of the Comptroller of the Currency and the U.S. Federal Reserve refused to approve the business combination within the necessary time frames.

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