Finally, the court has permitted the TD Bank Class Action Settlement 2024 on behalf of the TD Bank customers in the class. A $15.9 Million settlement has been approved by the court for supposedly improper charging of NSF fees on re-presented pre-authorized debits related to TD Bank. A large no. of customers sued TD Bank for imposing frequent NSF fines without any proper notice. You will find relevant info related to the TD Bank Settlement 2024 in this article which includes its overview, eligibility, important dates, and settlement amount info.
TD Bank Class Action Settlement 2024
In December 2023, the lawful firm Koskie Minsky LLP revealed a potential settlement for the Toronto Dominion Bank class action case. The lawsuit says that TD Bank improperly charged NSF fees on re-presented pre-approved debit transactions. It includes the class members who were charged from February 2, 2019, and November 27, 2023. However, the bank doesn’t confess any misconduct or liability and disagrees with the claims put on them in the lawsuit. The settlement has resolved the lawsuit completely.
The last date to opt out of the TD Bank Class Action Settlement 2024 was 26 Jan 2024 and later was stretched to 12 Feb 2024 by court order. The deadline has been passed now. So, if you are eligible and have not opted out of the settlement then you remain within this class action. Not all members of the class are eligible to get the settlement compensation. Only those who are a part of the Active Group will get the compensation. If you wish to get additional info about the entitlement requirements for reimbursement you can get that on the Settlement Agreement or can even contact the Class Counsel.
The Ontario Superior Court of Justice has accepted a distribution method for this settlement fund i.e. Administration Protocol. Under that TD Bank is liable to pay an amount of $15,900,000. These Gross Settlement Funds will be distributed after deduction of the Class Counsel fee of $4,252,500 plus HST of $522,825, an Honorarium of $10,000 for the representative plaintiff, disbursements of $391,732.44, and litigation funder fee of $952,935.40.
TD Bank Settlement 2024- Overview
Below is the overview of the TD Bank Canada Settlement 2024:
| Article On | TD Bank Class Action Settlement 2024 |
| Bank Name | Toronto Dominion Bank |
| Attorney in the Case | Koskie Minsky LLP |
| Country | Canada |
| Year | 2024 |
| Beneficiaries | Between 2 Feb 2019 and 27 Nov 2023, those who incurred NSF fees on pre-authorized debit transactions and presently hold or earlier held personal deposit accounts at the TD bank |
| Settlement Amount 2024 | $15.9 Million |
| TD Bank Class Action Settlement Pay out Per Person | CAD 88 |
| Official Website | kmlaw.ca |
Important Dates
Important Dates related to TD Bank Class Action Settlement 2024 are mentioned below:
| Particulars | Important Dates of TD Bank Settlement 2024 |
| TD Bank Class Settlement Claim Deadline | 13 May 2024 |
| Class Action Hearing Date | 13 February 2024 |
| Opt-out Deadline (Extended) | 12 February 2024 |
| Proposed Settlement Agreement Date | 30 November 2024 |
Eligibility of TD Bank Class Action Settlement 2024
Check the TD Bank Class Action Settlement Eligibility 2024 below to know the entitlement of the settlement. All the qualified class members must have received a notice from TD Bank directly through EasyWeb informing them that the Settlement Agreement has been accepted and they are entitled to take compensation. Class members have to meet all of the following standards:
- The class member is or was a personal deposit account holder of TD Bank.
- From 2nd February 2019 to 27th November 2023 the beneficiary’s personal TD deposit account was accused of a non-adequate funds fee by the Toronto Dominion Bank on a re-presented pre-sanctioned debit transaction.
- At the time of distribution their personal deposit account with TD remained open.
TD Bank Canada Settlement Amount 2024
The TD Bank Class Action Settlement 2024 has been permitted through the Ontario Superior Court of Justice. Under the Administration Protocol, the Toronto Dominion Bank will pay nearly CAD 15,900,000 (Gross Settlement Funds) to the eligible class members. The Gross Settlement Funds, adding any interest and deducting the funding fees, disbursements, court-approved legal fees, Honorarium, and applicable taxes are available for reimbursement. These amounts will be deducted from the GSF. After lessening these amounts, the amount obtainable for distribution is CAD 9,740,007.16. Under this settlement, the active group members will receive the fund straight in their registered bank accounts on a pro rata basis.
| Homepage | Click Here |
TD Bank Class Action Settlement 2024 FAQs
Between 2 Feb 2019 and 27 Nov 2023, those who incurred NSF fees on pre-authorized debit transactions and presently hold or earlier held personal deposit accounts at TD Bank are eligible for the settlement.
The eligible beneficiaries can apply for the TD Bank Class Action Settlement 2024 claim till 13 May 2024.
The amount available for TD Bank Class Action Settlement 2024 distribution is CAD 9,740,007.16 after adding any interest and deducting the funding fees, disbursements, court-approved legal fees, Honorarium, and applicable taxes.
Well, they should return or just put those money in their accounts. They know their customers… as we know ,that there’s only one bank [ you TD Bank] that we deposit our small money before.. and when I was down, you never help me. And I cannot even use any of my cards eventhough I was a loyal customer for more than 10 years. How is that?
TD has made changes on a car loan that my ex and I took out and he is the holder of the car plus it’s written in our separation agreement he pays the loan ( he dosent). TD did a huge modification on the loan without my concent with my ex and they are still refused to admit wrong and say they can with out me? But I’m being reported to transunion for default plus trying to collect off me. It’s in the agreement they can not make changes without concent from all parties but did it anyhow.
Sharon