All About TD Bank Lawsuits

Learn what TD Bank lawsuits are out there, and how to take action…

TD Bank has millions of customers in the US. And as with most big banks, they’ve also seen a lot of issues in the form of TD Bank lawsuits.

You may be curious about lawsuits against TD Bank because, as a customer, some of them might be relevant to your own issues.

Here is what you need to know about suing TD Bank:


Are you allowed to file a TD Bank lawsuit?

For customers of many banks, your contract limits your right to sue. For instance, it’s possible your TD Bank contract says you can’t sue TD Bank in any court except Small Claims Court, thanks to an arbitration clause.

To find out if your account agreement includes this clause, you should look through it for terms such as “binding arbitration” and “dispute resolution.”

If your contract has this clause, you should know that suing through Small Claims Court can be time consuming and complicated. We suggest considering filing for consumer arbitration as a better solution.


What is a Class Action Lawsuit? Can I file a class action lawsuit against TD Bank?

Class action lawsuits are designed to bring together a group of individuals with the same complaint.

If your TD Bank contract does not have an arbitration clause, then you are eligible to join a class action lawsuit.

However, if you see an arbitration clause in your contract, you may not be able to file or join an existing class action lawsuit.


As a TD Bank customer, what are my options for a TD Bank lawsuit?

Several organizations accept complaints against companies like TD Bank. For instance you can take a look at the Consumer Financial Protection Bureau.

But if you are looking to take legal action, you may have up to 3 options:

  • One option you have is to sue TD Bank in small claims court. If your claim qualifies for small claims court, you will be asked to attend a court hearing and pay legal fees to make your case, but you can file a TD Bank lawsuit and seek damages.

  • Or, you may be able to do everything from your home. Consumer Arbitration is the process laid out by many contracts in place of a lawsuit. It lets you argue your case before an independent arbitrator (like a judge) who can force them to fix the problem and to compensate you. We at FairShake help make this process easy and convenient. (Find out how…)

  • If your TD Bank contract allows class action lawsuits, then you’ll want to find a lawyer or law firm currently suing the bank, or planning to do so.


Top 5 TD Bank lawsuits:

TD Bank Lawsuit over Excessive Overdraft Fees

In this story from Reuters earlier this year, TD Bank was involved in a massive overdraft fee lawsuit. The bank was involved in a large sum of money being taken from customers as seen here:

TD Bank has agreed to pay $70 million to settle several lawsuits consolidated in federal court in South Carolina accusing it of charging its customers excessive overdraft fees, according to a court filing on Thursday.

The settlement, which requires court approval, calls for the Cherry Hill, New Jersey-based bank to pay $43 million to customers and cancel about $27 million in overdraft fees charged to customers’ accounts. Part of Toronto-based Toronto-Dominion Bank, TD bank operates in the Northeast, Mid-Atlantic, District of Columbia, the Carolinas and Florida.

TD Bank Lawsuit on Faulty Coin Counting Machines

This 2016 lawsuit outlined by ABC6 Philadelphia shows a slightly different type of TD Bank lawsuit, wherein the bank got in trouble for its coin counting machines shorting customers:

PHILADELPHIA (WPVI) — An Action News Special Investigation a few weeks ago is getting action and protecting your dollars and cents.

In February, we first uncovered problems with coin counting kiosks that are supposed to turn loose change into cash.

Both TD Bank and PNC have pulled those machines out of service, on the heels of our report.

Now a class action lawsuit is calling their accuracy into question.

Our Action News Investigation spanned across the Delaware Valley testing the coin countingkiosks at 17 different TD Bank Penny Arcades, PNC Change Depots, and Coinstar machines. Out of 17 tests we ran, only one machine was accurate.


TD Bank also released a statement saying in part: “All of our coin counting machines are in the process of being taken out of service, and will be evaluated and retested. Our machines will be brought back into service when we are satisfied they meet our performance requirements.”

But TD Bank would not respond to the class action lawsuit filed Tuesday in New York City, saying it is ongoing litigation

TD Bank Lawsuit over Massive Ponzi Scheme Involvement

NOLA.com offers us this 2019 update of an older TD Bank lawsuit, where a former Ponzi schemer’s assets are still being held in a number of banks (including TD):

New Orleans-based law firm Fishman Haygood said it has joined other recent litigants in suing a group banks to recover a portion of the $7 billion defrauded by Allen Stanford a decade ago.

Fishman Haygood said in a press release that it has joined with San Antonio, Texas-based firm Castillo Snyder in filing the suit on behalf of 900 investors in an effort to recover $500 million from five banks that still hold Stanford assets.

The investor group includes more than 100 Louisiana-based investors, said Jim Swanson, managing partner at Fishman Haygood. He said the suit was filed in order to protect the group of investors who might lose out as statute of limitations on some alleged crimes, including securities fraud, approaches.

The claims were filed in federal court in Dallas against Trustmark National Bank, HSBC Bank, The Toronto-Dominion Bank, Independent Bank (which used to be Bank of Houston), and SG Private Banking of Switzerland, Thursday’s statement said.

TD Bank Lawsuit over Unexplained Account Closures

Last year, a TD Bank lawsuit was filed by a Montreal man whose accounts were closed for seemingly no reason, putting him out of business. The CBC has this story:

Hossein Pourshafiey spent six years trying to find out why TD Bank suddenly closed all his accounts and froze his line of credit in 2012, leaving him $760,000 in debt and unable to run his business.

“It’s like being hit by the sledgehammer. It was not easy,” the Montreal businessman told As It Happens guest host Piya Chattopadhyay. 

“They put me out of business and they destroy my life,” he said.

Pourshafiey won his lawsuit against the bank this month. A Quebec Superior Court ordered TD Bank to pay him $49,000 in damages — representing the loss of three months’ income, as well as the “inconvenience and stress” it caused him — and $27,000 to cover his legal fees.

TD Bank Lawsuit regarding Unpaid Overtime Hours

TopClassActions has this 2014 TD Bank lawsuit summary, wherein the bank settled a class action for not properly paying their assistant managers in overtime wages:

TD Bank NA has agreed to pay $9.9 million in an unpaid overtime class action lawsuit settlement over allegations the bank failed to pay assistant managers overtime wages. The settlement fund will provide relief to an estimated 2,600 eligible Class Members.

The TD Bank unpaid overtime class action lawsuit was filed in New York federal court in February 2013 by plaintiffs Michael Puglisi, Faina Miller, Kathleen Hurst, Sadia Syed, and Clayton Mills, all current and former employees of TD Bank who held the position of Assistant Store Managers (ASMs). These plaintiffs alleged that “TD Bank violated the Fair Labor Standards Act (‘FLSA’) and the wage and hour laws of New York, Pennsylvania, and New Jersey by improperly classifying them as exempt from federal and state overtime requirements and failing to pay them and other ASMs overtime wages.”

While the manager job title suggests that the plaintiffs would be exempt from overtime pay, Puglisi and company claim that they perform various non-exempt, non-managerial duties, including bank teller duty, counting money in the bank’s vault, and opening and closing the various company branches.

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