Toronto-Dominion Bank (TD) Subsidiaries Plead Guilty to Violating Bank Secrecy Act and Conspiracy to Commit Money Laundering – Hagens Berman

SAN FRANCISCO, Oct. 18, 2024 (GLOBE NEWSWIRE) — On October 10, 2024, the U.S. Department of Justice announced that Toronto-Dominion Bank subsidiaries TD Bank N.A. and TD Bank Holding Company (together, “TD Bank”) pleaded guilty and agreed to pay $1.8 billion to resolve the DOJ’s investigations into violations of the Bank Secrecy Act and money laundering.

Hagens Berman urges Toronto-Dominion Bank (NYSE: TD) investors who suffered substantial losses to submit your losses now.

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Investigation Into Toronto-Dominion Bank (TD):

The investigation centers on Toronto-Dominion’s repeated assurances that it established and maintained policies and programs (including its Anti-Money Laundering (“AML”) program) reasonably designed to achieve and maintain its compliance with the laws and regulations that apply to it.

The company and its subsidiaries, including TD Bank N.A. (“TDBNA”) and TD Bank US Holding Company (“TDBUSH”) are collectively known as TD Bank Group.

Toronto-Dominion’s statements were called into question by May 3, 2024, when TD Bank Group CEO Bharat Masrani admitted “I regret that there were serious instances where the Bank’s AML fell short and did not effectively monitor, detect, report or respond.” This admission drove the price of Toronto-Dominion shares sharply lower that day.

The seriousness of TD Bank Group’s lapses became apparent on October 10, 2024, when the U.S. Department of Justice announced that TDBNA and TDBUSH pleaded guilty to violating the Bank Secrecy Act and conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties.

The DOJ found that TD Bank intentionally did not automatically monitor a staggering 92% of transactions, or $18.3 trillion, from January 1, 2018 to April 12, 2024.

Deputy Attorney General Lisa Monaco said “[f]or years, TD Bank starved its compliance program of the resources needed to obey the law.”

Attorney General Merrick Garland said “[b]y making its services available for criminals, TD Bank became one[,]” adding “[t]oday, TD Bank also became the largest bank in U.S history to plead guilty to conspiracy to commit money laundering[]” and “TD Bank chose profits over compliance with the law.”

This news drove the price of Toronto-Dominion shares sharply lower again.

“We’re looking into the extent to which Toronto-Dominion’s internal audit warned top executives of problems leading to this historic event and the amount of ill-gotten gains,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Toronto-Dominion and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Toronto-Dominion investigation, read more »

Whistleblowers: Persons with non-public information regarding Toronto-Dominion should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Contact:
Reed Kathrein, 844-916-0895

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