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The Toronto-Dominion Bank Sued for Securities Law Violations – Investors Should Contact The Gross Law Firm for More Information – TD
TDDominion Bank(TD) GlobeNewswire News Room·2024-12-04 17:40

Core Viewpoint - The Toronto-Dominion Bank (TD) faces significant legal and financial repercussions following its guilty plea related to Bank Secrecy Act violations and conspiracy to commit money laundering, resulting in a 3.09billionpenaltyandoperationalrestrictions[3].Group1:LegalandFinancialImplications−TDhasbeenorderedtopayapunitiveamountof3.09 billion penalty and operational restrictions [3]. Group 1: Legal and Financial Implications - TD has been ordered to pay a punitive amount of 3.09 billion as part of the resolution from U.S. investigations [3]. - An asset cap has been imposed, limiting TD's U.S. subsidiaries to a collective total of 434billion,reflectingthecompany′sassetsasofSeptember30,2024[3].−TheDepartmentofJusticehighlightedTD′sfailuresasthelargestinU.S.historyregardingBankSecrecyActviolationsandthefirstbanktopleadguiltytomoneylaunderingconspiracy[3].Group2:MarketReaction−Followingtheannouncementoftheinvestigationsandpenalties,TD′sstockpricedroppedfrom434 billion, reflecting the company's assets as of September 30, 2024 [3]. - The Department of Justice highlighted TD's failures as the largest in U.S. history regarding Bank Secrecy Act violations and the first bank to plead guilty to money laundering conspiracy [3]. Group 2: Market Reaction - Following the announcement of the investigations and penalties, TD's stock price dropped from 63.51 per share on October 9, 2024, to 59.44onOctober10,2024,andfurtherto59.44 on October 10, 2024, and further to 57.01 on October 11, 2024, marking a decline of over 10.23% within two days [3]. Group 3: Shareholder Actions - Shareholders who purchased TD shares during the class period from February 29, 2024, to October 9, 2024, are encouraged to register for a class action lawsuit, with a deadline set for December 21, 2024 [4]. - Registered shareholders will receive updates through a portfolio monitoring software regarding the status of the case [4].