Td Aml Class Action | Rochon Genova

The Claims

Proposed global class action on behalf of all TD shareholders against the Toronto-Dominion Bank (“TD”) and various individual directors and officers (the “Individual Defendants”).

The action relates to alleged misrepresentations made by TD in relation to the effectiveness of its anti-money laundering controls (“AML Controls”) and the existence of criminal and regulatory investigations into the alleged failings in TD’s AML Controls. It is alleged that TD made these misrepresentations in its public disclosure documents and in public oral statements.

The action seeks to recover damages suffered by shareholders as a result of TD’s share price dropping when its alleged misrepresentations were corrected through media reports and TD’s own allegedly delayed admissions.

The Class

All persons or entities, wherever they are resident, who acquired TD Bank securities during the period from May 27, 2021 to October 9, 2024 (“Class Period”) and held some or all of those securities through one or more of the public correction dates: May 8, 2023, August 24, 2023, January 8, 2024, April 30, 2024, May 2, 2024, May 3, 2024, August 22, 2024, or October 9-10, 2024.

The Class excludes the Defendants’ subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors, assignees, and the immediate family members of the Individual Defendants.

Updates

An Amended Notice of Action was filed on June 18, 2024.
A Second Amended Notice of Action was filed on June 21, 2024.
The Statement of Claim was filed on June 24, 2024.
On October 10, 2024, the US Department of Justice announced that certain of TD Bank’s US subsidiaries had pleaded criminal guilty to conspiring to: fail to maintain an adequate AML program, fail to file accurate currency transaction reports, and laundering monetary instruments. On the same day, the US Financial Crimes Enforcement Network (FinCEN) and the US Office of the Comptroller of Currency (OCC) announced that they had issued consent orders against certain of TD Bank’s US subsidiaries for AML related violations.
In total, US regulators imposed US$3.09 billion in monetary penalties against TD Bank’s US subsidiaries, as well as business restrictions and an asset cap that prevents TD Bank from growing its US retail banking business for an indeterminate period of time.
Following these disclosures, the Plaintiffs amended their Statement of Claim. The Fresh as Amended Statement of Claim was filed on November 4, 2024.
On February 21, 2025, the Ontario Superior Court of Justice awarded carriage of this class action to Rochon Genova.
The Leave and Certification Motions were heard from February 17-20, 2026, before the Honourable Justice Leiper. They continued on May 20–21, 2026, and will be concluded as of July 23, 2026.