NEW YORK, Dec. 14, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that that it has filed a class action lawsuit for violations of the federal securities laws against The Toronto-Dominion Bank and certain of the Company’s senior executives.
If you invested in TD Bank, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/the-toronto-dominion-bank.
Investors have until December 23, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in TD Bank securities. The case is pending in the U.S. District Court for the Southern District of New York and is captioned Gonzalez v. The Toronto-Dominion Bank, No. 24-cv-09445.
What is the Lawsuit About?
TD Bank is the sixth largest bank in North America and tenth largest bank in the U.S. The complaint alleges that during the Class Period, defendants misrepresented TD Bank’s Bank Secrecy Act and anti-money laundering controls, processes, and procedures. And in 2023, when investors started to learn that TD Bank’s regulators were investigating the adequacy of the Company’s AML controls, Defendants repeatedly minimized and downplayed the extent of the problems.
On May 2, 2024, The Wall Street Journal reported that a U.S. Department of Justice (“DOJ”) investigation into the Company’s AML controls focused on “how Chinese crime groups and drug traffickers” used TD Bank to launder money from the sale of fentanyl in the United States and that “[t]he investigation was launched after agents uncovered an operation. . . that laundered hundreds of millions of dollars in proceeds . . . through TD.” This news caused the price of TD Bank stock to decline $3.42 per share, or 5.9%, from $58.08 per share on May 2, 2024, to $54.66 per share on May 3, 2024.
Then, on October 10, 2024, TD Bank disclosed that it entered into consent orders with the Office of the Comptroller of the Currency (“OCC”), the Federal Reserve Board, and the Financial Crimes Enforcement network, as well as plea agreements with DOJ related to its inadequate AML controls. TD Bank revealed that under the terms of the consent orders and plea agreements the Company would, among other requirements, pay $3.09 billion in fines and penalties, and that the OCC had imposed an asset cap on TD Bank that would stifle the Company’s growth. This news caused the price of TD Bank stock to decline $4.07 per share, or 6.4%, from $63.51 per share on October 9, 2024, to $59.44 per share on October 10, 2024.
Click here if you suffered losses:
https://www.bfalaw.com/cases-investigations/the-toronto-dominion-bank
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What Can You Do?
If you invested in TD Bank you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/the-toronto-dominion-bank
Or contact:
Ross Shikowitz
[email protected]
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/the-toronto-dominion-bank
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