When large institutions face allegations of improper practices, it often leads to significant legal and financial repercussions.
The TD Bank Class Action Lawsuit is one such instance, where Toronto Dominion (TD) Bank has agreed to a substantial settlement of around CAD 16 million.
This settlement aims to compensate Canadian customers who were allegedly charged excessive and multiple non-sufficient funds (NSF) fees without their knowledge. Here’s everything you need to know about the settlement, eligibility, and how to claim your share.
TD Bank Class Action Lawsuit
The lawsuit against TD Bank, initiated in 2021, stems from allegations that the bank charged illegal multiple NSF fees.
This practice has reportedly affected numerous account holders, damaging the bank’s reputation and prompting widespread legal action.
As a result, TD Bank has decided to settle, providing compensation to eligible individuals. This move, while not entirely compensatory for the alleged fraud, signifies the bank’s acknowledgment of its mistakes and its attempt to rectify the situation.
Understanding the Lawsuit
In 2021, TD Bank customers filed a class action lawsuit over multiple NSF fees charged on unsuccessful transactions.
These fees, deemed unlawful by the plaintiffs, triggered each time a transaction failed. In response to these allegations, TD Bank has agreed to a CAD 16 million settlement to compensate affected account holders.
The settlement amount will be distributed based on eligibility criteria and the average annual revenue of the claimants.
Overview of the Settlement
| Article On | TD Bank Class Action Lawsuit |
|---|---|
| Country | Canada |
| Department | TD Bank |
| Beneficiary | Claimants |
| Settlement Amount | CAD 15.9 Million |
| Amount for Each | CAD 250 |
| Official Website | tdsettlement.com |
Eligibility for Settlement Amount
To be eligible for the TD Bank settlement amount, certain criteria must be met:
- Residency: Must be a resident of Canada.
- Account: Must have a personal deposit account with TD Bank.
- Fees Charged: Must have been charged unlawful NSF fees between February 2, 2019, and November 27, 2023.
- Fee Amount: Must have been charged CAD 48 in NSF fees.
- Account Status: Account must remain open currently.
If you meet these criteria, you can file a claim to receive your portion of the settlement.
Settlement Payment Dates and Amounts
Eligible individuals are understandably eager to know when they will receive their settlement payments. Here’s a breakdown of the key dates and amounts:
- Settlement Agreement Date: February 15, 2024
- Claim Filing Deadline: December 30, 2024
- Payment Distribution: Payments will be distributed from mid-August to the end of October 2024.
Payment Amounts
The settlement amount will vary depending on the average annual revenue of the claimants:
- Small Merchants: CAD 30 for those with annual revenue up to CAD 5 million.
- Medium Merchants: CAD 250 for those with annual revenue between CAD 5 million to CAD 20 million.
- Large Merchants: CAD 250 for those with annual revenue over CAD 20 million, subject to additional documentation and proportional share distribution.
How to File a Claim
Eligible individuals must file a claim to receive the settlement payment. The process involves filling out a settlement form and providing necessary documentation for verification.
The form can be accessed through the official website tdsettlement.com. If you encounter any issues while applying, you can contact the settlement administrator at 1-844-216-5179 for assistance.
Important Dates in the Lawsuit Timeline
- February 4, 2021: Claim statement issued.
- August 3, 2021: Legal proceedings began.
- October 5, 2021: Reply for the last hearing provided.
- May 6, 2022: Summary judgment succeeded by Plaintiff.
- December 7, 2022: Significant progress toward resolution.
- November 30, 2023: Settlement agreement proposal accepted.
- February 15, 2024: Court approval for distribution of compensation.
The TD Bank Class Action Lawsuit marks a significant moment in Canadian banking history, highlighting the importance of transparency and fairness in financial practices.
By compensating affected individuals, TD Bank aims to restore trust and rectify the harm caused by unlawful fees.
FAQs
Who is eligible for the settlement?
Canadian residents with personal TD accounts charged NSF fees from 2019-2023.
What is the settlement amount per person?
Eligible individuals can receive CAD 250.
When is the claim filing deadline?
The deadline to file a claim is December 30, 2024.
How will I receive my settlement payment?
Payments will be distributed via the method indicated in your claim form.
Where can I find more information?
Visit the official settlement website: tdsettlement.com
