Ontario court certifies class-action suit against TD Bank regarding money laundering

Summary

• An Ontario court certified a class-action lawsuit against TD Bank & senior leaders including former CEO Bharat Masrani regarding anti-money laundering program failures.
• The suit alleges the bank misrepresented deficiencies in its program between 2021 & 2024 while prioritizing profits over regulatory compliance.
• TD Bank paid over US$3 billion in fines to U.S. regulators in 2024 after pleading guilty to charges related to these failures.
• The lawsuit claims the bank's subsidiaries became the first banks in U.S. history to plead guilty to conspiracy to commit money laundering.
• Investors suffered significant losses as the company's market capitalization dropped by $30 billion due to these events.
• Defendants deny the allegations & TD Bank did not immediately comment on the report.