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Ontario court certifies class-action suit against TD Bank regarding money laundering
The court said investors may prove TD concealed AML control failures and a profit-first strategy, after U.S. regulators imposed more than US$3 billion in penalties.
- On Tuesday, the Honourable Madam Justice Janet Leiper of the Ontario Superior Court certified a class-action lawsuit against The Toronto-Dominion Bank and senior leadership, finding plaintiffs have a reasonable chance of proving statutory misrepresentation claims at trial.
- The lawsuit alleges the Bank concealed "longstanding, pervasive and systemic deficiencies" in AML Controls from 2021 to 2024, deliberately prioritizing profits over regulatory compliance while misleading investors about risk management.
- US regulators imposed more than US$3 billion in fines in 2024 for program failures, while investors claim the disclosure caused the Bank's market capitalization to drop by $30 billion.
- Justice Leiper reasoned that investors were not told the Bank "was deliberately courting legal risk by starving its AML program" to deliver favorable returns, contradicting its risk management disclosures to the market.
- While the Defendants deny the allegations and the court has not yet ruled on the merits, Class Members do not need to take any action at this time.
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The Toronto Star+15 Reposted by 15 other sources
Ontario court certifies class-action suit against TD Bank regarding money laundering
TORONTO - An Ontario court has certified a class-action lawsuit against TD Bank and certain members of its senior leadership team including former CEO Bharat Masrani in relation to its
·Toronto, Canada
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Ontario Court Grants Leave and Certifies Money Laundering Misrepresentation Class Action Against The Toronto-Dominion Bank
/PRNewswire/ -- On November 3, 2026, the Honourable Madam Justice Janet Leiper of the Ontario Superior Court of Justice granted leave under Part XXIII.1 of the...
·Chicago, United States
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Total News Sources17
Leaning Left13Leaning Right1Center2Last UpdatedBias Distribution81% Left
Bias Distribution
- 81% of the sources lean Left
81% Left
L 81%
13%
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