#Canada #Toronto-Dominion Bank #Toronto #Faruqi & Faruqi #AML Program

Investigation of Toronto-Dominion Bank Losses by Faruqi & Faruqi

Faruqi & Faruqi, LLP, a prominent national law firm specializing in securities litigation, has initiated an investigation into claims against the Toronto-Dominion Bank (often referred to as TD). The investigation is a response to significant losses suffered by investors following the bank's troubling revelations concerning its anti-money laundering (AML) program.

The legal team at Faruqi & Faruqi is particularly interested in those investors who faced losses exceeding $100,000 during the period between February 29, 2024, and October 9, 2024. Faruqi & Faruqi reminds investors that the deadline for seeking lead plaintiff status in the class action lawsuit is December 23, 2024. Affected shareholders are encouraged to contact partner Josh Wilson directly for further discussions regarding their legal options. Wilson can be reached at either 877-247-4292 or 212-983-9330 (Ext. 1310).

Background on the Investigation

The investigation's inception follows TD's announcement on October 10, 2024, which disclosed substantial findings from federal investigations regarding its AML practices. The bank was penalized with a staggering $3.09 billion in punitive payments and faced comprehensive compliance reforms, including an asset cap on its U.S. subsidiaries and stricter approval processes for new products and services. Notably, this penalty marked TD as the largest bank in U.S. history to plead guilty to failures related to the Bank Secrecy Act and was prominently reported by the Department of Justice.

Prior to the announcement, TD assured shareholders of its robust approach to address the AML program's issues. However, these assurances were cast in doubt as the legal proceedings revealed the bank had concealed the true nature of its AML failures. Firmly optimistic projections were presented while material adverse facts remained obscured, misleading shareholders and contributing to inflated stock prices. This culminated in a dramatic decline in TD's stock, which fell over 10% in just two days following the investigations' results.

Legal Implications for Investors

Under securities law, anyone who incurs financial losses due to misleading or false representations has the right to seek reparations. As the court appointed lead plaintiff would be an investor with the most significant financial stake, others can participate in the case by either coordinating with their counsel or choosing to take no action while remaining part of the class of claimants.

Faruqi & Faruqi is extending its outreach to gather information from all potential claimants, including whistleblowers and former TD employees. Investors are reminded that their ability to recover is not diminished by failing to act as lead plaintiffs.

For those interested in learning more about the allegations against TD and the processes involved, further details can be found on the firm’s website or through direct contact with Josh Wilson.

Conclusion

The unfolding situation with the Toronto-Dominion Bank highlights the critical need for due diligence and transparency, especially in financial institutions that handle vast sums of money. As law firms like Faruqi & Faruqi rally to advocate for aggrieved investors, the ongoing investigations serve as a reminder of the potential risks within the banking sector and the legal redress available to affected stakeholders.

Engagement with counsel experienced in securities law is crucial for anyone who believes they may have a claim against TD. As this case develops, those affected will need to stay informed and be prepared to act within the impending deadlines to assert their rights effectively.