TD Bank Class Action Lawsuit: Settlement Date, Amount, Payment Dates, Form
View the most recent details regarding the TD Bank class action lawsuit, including the settlement date, amount, dates of payments, and form. Customers claim Toronto Dominion Bank illegally charged them repeated insufficient funds fees on a single check or payment. The class action lawsuit was filed against the bank in 2021.
TD Bank Class Action Lawsuit
A group of TD Bank clients filed a lawsuit against the bank in 2021 due to several NSF fines. When a consumer tries to complete a transaction without having enough money in their account to support it, these fees are assessed. There were claims made against the bank that these costs were applied to the same transaction each time it was submitted for payment.
Clients complained that every time they tried to complete the same transaction, they were unjustly charged extra fees. The recently agreed settlement includes nearly $16 million that TD Bank is expected to distribute by 2024. For more information on the TD Bank Class Action Payment Dates, continue reading.
TD Bank Class Action Lawsuit Settlement Payment Date
Clients who were not happy with this alleged policy sued TD Bank in court. The Ontario Superior Court of Justice certified the complaint as a class action on December 7, 2022. The court’s ruling came after TD Bank consented to a settlement of $15.9 million among the impacted clients at a hearing on February 15.
The deadline for submitting a Claim Form to anyone who want to take part in the TD Bank Settlement is May 13, 2024. Please take note that people who have filled out and submitted their forms have already started receiving payments from the bank. After completing the claim, some of the recipients have already received their money. By the end of June, it should be delivered to the remaining individuals.
TD Bank Settlement Amount
Depending on how many eligible individuals file claims and how much in additional NSF costs they have to pay, the final settlement amount may vary. In addition, the settlement pays for the administration of the program, the legal fees, and the payout to each representative of the class. Beginning in early April, qualified clients can expect to receive approximately C$88, which will be transferred straight into their TD personal bank accounts.
It is significant to remember that multiple deductions will be made from this sum prior to distribution to eligible class members. The settlement plan that was approved by the court specifies that the reimbursement amount for each recipient will be contingent upon the total number of claimants, with a maximum cap of $3.90 per damaged share. It is projected that each eligible consumer will get approximately $150 per account.
TD Bank Settlement Form
Should you have bought TD securities after December 3, 2015, and kept them until March 9, 2017, you might be qualified to participate in a class-action lawsuit. Remember to upload your supporting documentation before May 13 in order to take advantage of this chance.
In order to be eligible to take part in the TD Bank Canadian Shareholder Settlement, interested parties must accurately fill out the claim form and submit it by the deadline specified on the website. On the Administrator’s website, claimants can immediately upload supporting documents. If assistance is required, claimants can also get in touch with the Administrator.
Conclusion
In summary, clients claimed that TD Bank was unjustly assessing them many NSF penalties for checks and payments. The complaint concentrated on instances in which clients received multiple bills for the same transaction, particularly when payments were attempted again as a result of original errors or technological difficulties.
TD Bank denied any wrongdoing, but in 2021 the Court of Justice authorized a $15.9 million settlement. Residents of Canada who had TD Bank accounts between February 2019 and November 2023 and were assessed the aforementioned NSF costs are covered by this settlement. The qualified members of the class will get a portion of the $9,740,000 after legal fees and other costs are subtracted.
The significance of this legal resolution lies in its ability to allay consumer worries over banking practices and encourage integrity and accountability in financial transactions. In addition, the bank had legal difficulties in 2020 when managing travel insurance claims related to the COVID-19 epidemic. More recently, TD settled a different class action involving fees for inadequate money.