TD Bank Customers Reach $41.5M Deal In Excessive Fee Suit

By Craig Clough (May 18, 2021, 8:32 PM EDT) -- Toronto-Dominion Bank and a proposed class of customers alleging it charged them millions in unlawful fees have reached a $41.5 million settlement that includes cash payments and debt forgiveness, the customers told a Manhattan federal judge Monday.

The proposed settlement would end the litigation alleging the bank hit its American customers with multiple penalties for non-sufficient funds transactions and represents a recovery of between 42-70% of the estimated damages that could have resulted from a trial, according to the customers.

If approved by the court, the settlement would conclude the "groundbreaking case" that was filed "under a novel theory of liability...

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