The TD Bank Class Action Lawsuit reached a major settlement in 2024. Here’s a simple breakdown of what you need to know about the settlement: how much you might receive when payments will be made, and how to file your claim.
TD Bank Class Action Lawsuit
In 2021, TD Bank was sued by a group of customers who claimed they were unfairly charged multiple insufficient funds (NSF) fees on the same transaction. These fees occur when a customer tries to make a payment without enough money in their account. The lawsuit alleged that TD Bank repeatedly charged these fees each time a transaction was processed.
This class action lawsuit aimed to address these repeated charges, which customers found unfair, especially when a transaction failed due to insufficient funds and was retried.
TD Bank Class Action Lawsuit Settlement Payment Date
The Ontario Superior Court of Justice declared the lawsuit a class action on December 7, 2022. By February 15, 2024, TD Bank agreed to a $15.9 million settlement. Here’s what you need to know about the payment process:
| Event | Date | Details |
|---|---|---|
| Lawsuit Certification | December 7, 2022 | Ontario Superior Court certifies the class action. |
| Settlement Agreement | February 15, 2024 | TD Bank agrees to pay $15.9 million. |
| Claim Form Deadline | May 13, 2024 | Last date to submit your claim form. |
| Payment Distribution | End of June 2024 | Payments expected to be completed by this date. |
Payments have already begun for those who have submitted their claim forms. If you haven’t yet filed, make sure to do so before the deadline to receive your portion of the settlement.
TD Bank Settlement Amount
The amount you receive will depend on the number of people who claim and how much each person was charged. The settlement also covers legal fees and administrative costs. Here’s an overview of the expected payment:
| Item | Amount | Details |
|---|---|---|
| Estimated Payment per Person | Approximately C$88 | Deposited directly into TD personal deposit accounts. |
| Average Payout | Around $150 per account | Based on the total number of claimants and deductions. |
| Maximum Payout per Share | $3.90 | Cap per damaged share, varies based on total claims. |
Payments will start in early April. However, the final amount may be adjusted based on the total number of claimants and related deductions.
TD Bank Settlement Form
To be eligible for the settlement, you must have purchased TD Bank securities between December 3, 2015, and March 9, 2017, and still hold them. Follow these steps to file your claim:
- Complete the Claim Form: Fill out the claim form accurately.
- Submit by Deadline: Ensure the form is submitted by May 13, 2024.
- Upload Documents: You can upload supporting documents on the Administrator’s website or contact them for help.
Conclusion
The TD Bank class action lawsuit focused on unfair NSF fees, where customers were charged multiple times for the same transaction. The court approved a $15.9 million settlement, impacting Canadian TD Bank customers charged NSF fees between February 2019 and November 2023.
After legal fees and costs, about $9.74 million will be distributed among eligible customers. This settlement aims to address concerns about banking practices and promote fairness in financial transactions.
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FAQ’s
What is the TD Bank class action lawsuit about?
The lawsuit is over TD Bank allegedly charging multiple insufficient funds (NSF) fees on the same transaction. Customers claimed these fees were unfairly repeated.
When will I receive my payment?
Payments will start in early April 2024, with the final distribution expected by the end of June 2024. Ensure you submit your claim form by May 13, 2024.
How can I file a claim?
Complete and submit the claim form by May 13, 2024. Eligible individuals can upload documents on the Administrator’s website or contact them for help.