(Toronto) A class action request has been filed against TD Bank in connection with ongoing investigations into the bank’s anti-money laundering program in the United States.
The lawsuit, filed by Sotos Class Actions, is on behalf of investors who purchased TD stock between August 26, 2021 and June 3, 2024.
She alleges that the bank misrepresented systematic deficiencies in its anti-money laundering controls and that disclosure of those deficiencies caused a significant drop in TD’s stock price.
TD Bank is facing financial sanctions as part of the U.S. regulatory investigation into its anti-money laundering program, which it disclosed last year.
In a statement, the bank said the allegations in the proposed class action were unsubstantiated and would be contested.
TD has asserted that its disclosures and public statements are and have been consistent with its obligations under the Securities Act and its responsibilities to shareholders.