TD Bank, Investors Ink $13M Deal To End Stock-Drop Suit

Law360 (June 21, 2019, 5:25 PM EDT) -- TD Bank agreed to shell out $13.25 million to investors who claim the bank took part in illegal business practices in order to meet sales targets, leading to a drop in the bank's stock price, according to a preliminary settlement proposal in New Jersey federal court Thursday.

The deal would resolve stock-drop claims that the bank and its executives artificially inflated share prices by covering up shady sales techniques used in its Canadian retail unit, such as lying to customers about the risk of certain products and approving them for loans they were unqualified for.

Under the terms of the deal,...

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