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TD Bank Settlement 2024
Due to the ongoing class action lawsuit, TD Bank customers may be entitled to a share of the $15.9 million settlement. A large number of consumers sued TD Bank for imposing numerous NSF fines without proper notification.
TD Bank disputes responsibility for the purportedly incorrect NSF fee charges and has not acknowledged any misconduct. Ultimately, the Ontario Superior Court of Justice awarded class-action status to the claim on December 7, 2022. A potential settlement for the TD Bank class-action case was revealed in December by the legal firm Koskie Minsky LLP.
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In this article, we are going to discuss in detail about TD Bank Settlement 2024. We will also get to know about the class-action settlement payment amount and eligibility in this article.
Understanding TD Bank Class Action Settlement
A class action complaint was filed against Toronto Dominion Bank (TD Bank) in 2021. The claims in this complaint were that TD Bank had illegally assessed several non-sufficient funds (NSF) penalties to its clients on a single check or payment. A bank will impose these costs if a customer’s account is insufficient to fund a cheque or pre-authorized debit payment.
In order to settle the lawsuit with Koskie Minsky LLP, TD Bank has agreed to pay $15.9 million. The scheduled date of the settlement is February 13, 2024, and it is pending court approval. If approved, TD will directly deposit any unpaid amounts into the bank accounts of eligible course attendees.
The court will evaluate the fairness of the settlement amount and make sure that it adequately represents each party’s interests. Individuals who disagree with the proposed settlement and wish to continue participating in the class action may do so until January 26.
TD Bank Settlement Overview
| Article Title | TD Bank Settlement 2024 |
| Country | Canada |
| Class Action Hearing Date | February 13, 2024 |
| TD Bank Settlement Amount | $15.9 million |
| Lawyer in Action | Koskie Minsky LLP |
| For Further details | tdbankclassaction@kmlaw.ca |
Eligibility for $88 Class Action Settlement
The class consists of Canadian residents who now hold personal deposit accounts at TD Bank or who did so in the past and who were assessed non-sufficient fund (NSF) penalties on pre-authorized debit transactions between February 2, 2019, and November 27, 2023.
Compensation will not be granted to every class action participant. Payouts are only available to people who have accounts that are open during the settlement distribution and who have been assessed NSF fees within the allotted time.
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Under TD Bank’s standard-form consumer banking agreement, customers allegedly paid a $48 NSF fee. According to the lawsuit, clients were not given enough information on the potential for several NSF costs to be assessed for a single payment.
TD Bank Settlement Amount for Every Customer
A hearing to determine whether to accept the proposed $15.9 million settlement will take place on February 12. TD would immediately transfer around $88 into each of the qualifying class members’ bank accounts if the court accepts the settlement next month.
If authorized, TD will directly transfer outstanding money into the bank accounts of qualified class members; in other words, if you qualify, all you have to do is take advantage of this opportunity to get your share of the pie.
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