NEW YORK – Bronstein, Gewirtz & Grossman, LLC, a law firm with national prominence, has recently announced a class action lawsuit against The Toronto Dominion Bank (referred to as “TD” or “the Company”), and several of its top officials. The suit pertains to allegations of federal securities laws violations and encompasses all parties who acquired TD securities between February 29 and October 9, 2024.
The lawsuit highlights accusations that TD and its executives issued misleading statements and failed to disclose essential information regarding the effectiveness of the bank’s Anti-Money Laundering (AML) program. This hidden data presumably masked the inadequacy of the program and omitted the risk of potential regulatory penalties, including an asset cap, which could significantly impact the bank’s future operations and growth.
The situation escalated following a revelation on October 10, 2024, when TD announced the outcomes of a U.S. investigation into its practices. This disclosure led to a sharp decrease in TD’s stock price, which plummeted to close at $57.01 on October 11, reflecting a significant loss in market value.
Investors who have incurred losses from their investments in TD during this specified period and wish to serve as lead plaintiff have a deadline until December 23, 2024, to file their requests. Importantly, potential claimants do not need to be appointed as lead plaintiff to partake in any possible recovery.
Bronstein, Gewirtz & Grossman, LLC extends its services on a contingency fee basis, under which fees and out-of-pocket expenses would only be collected if the lawsuit results in a successful financial recovery. The firm is known for specializing in major securities fraud class actions and shareholder derivative lawsuits, securing substantial monetary recoveries on behalf of investors across the United States.
Those interested in learning more about this case or joining the class action can find details on the law firm’s website or by reaching out directly to the firm’s representatives, Peretz Bronstein or his colleague Nathan Miller.
The proceedings against TD underscore the ongoing regulatory and legal scrutiny facing financial institutions concerning their internal controls and compliance frameworks. Investors and market watchers alike are closely monitoring this case, given its implications for corporate governance and accountability in the banking sector.
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