(MENAFN- GlobeNewsWire - Nasdaq) SAN DIEGO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Robbins LLP announces that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired The Toronto-Dominion bank (NYSE: TD) securities between February 29, 2024 and October 9, 2024. TD is an international bank, operating through four segments: Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that The Toronto-Dominion Bank (TD) Misled Investors Regarding Compliance with its Anti-Money Laundering Program
According to the complaint, defendants failed to disclose the issues surrounding TD's anti-money laundering ("AML") program employed to comply with the U.S. Bank Secrecy Act ("BSA"), the ability for defendants to "fix" those issues, and the punitive and remedial compliance measures likely to be imposed upon TD through the resolution of these investigation. Specifically, defendants concealed or otherwise minimized the significance of the failures of the Company's AML program and made no indication that the imposition of an asset cap or other punitive or compliance measures would be imposed that would undermine TD's continued growth for the foreseeable future.
On October 10, 2024, TD unveiled the resolutions reached from a previously disclosed investigations related to its Bank Secrecy Act and Anti-Money Laundering compliance programs, which included, in addition to the punitive payment of $3.09 billion, both an asset cap, preventing TD's U.S. subsidiaries from exceeding a collective $434 billion, a reflection of the Company's assets as of September 30, 2024, and further subjects TD to more stringent approval processes for its product, service, and market rollouts. Further, the Department of Justice, in their own corresponding release, highlighted the significance of TD's failures as“the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering.”
On this news, the price of TD's common stock fell from a closing market price of $63.51 per share on October 9, 2024, to $59.44 per share on October 10, 2024, and further to $57.01 on October 11, 2024, a decline of more than 10% in the span of just two days.
What Now : You may be eligible to participate in the class action against The Toronto-Dominion Bank. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 23, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here .
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP : Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LL have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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