Ontario court certifies class-action suit against TD Bank regarding money laundering
TORONTO — An Ontario court has certified a class-action lawsuit against TD Bank and certain members of its senior leadership team including former CEO Bharat Masrani in relation to its anti-money laundering program.
An Ontario court has approved a class-action lawsuit against TD Bank and several of its senior executives, including former CEO Bharat Masrani, over the bank's anti-money laundering program. The lawsuit claims the bank falsely represented issues with the program from 2021 to 2024, prioritizing profits over compliance. In 2024, TD was hit with a US$3 billion fine by U.S. regulators for guilty pleas related to program failures.
These lapses allegedly led the bank's subsidiaries to become the first U.S. banks to plead guilty to money laundering conspiracy, resulting in a $30 billion drop in market capitalization for the company. The defendants dispute the allegations, and TD Bank has not commented on the lawsuit.
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Also reported by 1 other outlet
- Ontario court certifies class-action suit against TD Bank regarding money laundering winnipegfreepress.com
