According to the complaint, statements made during the Class Period were materially false and/or misleading because, from January 2014 to October 2023, “pervasive” and “systemic deficiencies” plagued TD’s anti-money laundering (“AML”) controls. Despite these “known” and “glaring deficiencies,” TD “chose profits over compliance” and “failed to appropriately fund and staff its AML program, opting to postpone and cancel necessary AML projects” to keep its costs down as “senior executives at TD Bank enforced a budget mandate, referred to internally as a ‘flat cost paradigm,’ requiring that TD Bank’s budget not increase year-over-year.” As a result, from January 2018 to April 2024, TD failed to adequately monitor the vast majority of its total transactions which allowed criminals to launder hundreds of millions of dollars using TD’s banking products and services. Given this, TD was ultimately forced to pay more than $3 billion in fines and penalties to regulators and the OCC imposed an asset cap on TD’s U.S. business, stifling its growth.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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