Dominion Bank(US:TD) GlobeNewswire News Room·2024-12-19 17:07Core Viewpoint - The Toronto-Dominion Bank (TD) is facing a class action securities lawsuit due to alleged securities fraud that occurred between February 29, 2024, and October 9, 2024, following significant revelations regarding its anti-money laundering failures and subsequent financial penalties [1][2]. Group 1: Lawsuit Details - The lawsuit aims to recover losses for TD investors affected by the alleged fraud during the specified period [1]. - On October 10, 2024, TD disclosed the outcomes of U.S. investigations, which included a punitive payment of $3.09 billion and an asset cap limiting its U.S. subsidiaries to a collective $434 billion, based on assets as of September 30, 2024 [2]. - The Department of Justice characterized TD's failures as the largest in U.S. banking history related to Bank Secrecy Act violations and the first instance of a U.S. bank pleading guilty to conspiracy to commit money laundering [2]. Group 2: Market Reaction - Following the announcement of the investigations and penalties, TD's stock price dropped significantly, from $63.51 per share on October 9, 2024, to $59.44 on October 10, 2024, and further to $57.01 on October 11, 2024, marking a decline of over 10.23% within two days [2]. Group 3: Next Steps for Investors - Investors who suffered losses during the relevant timeframe have until December 21, 2024, to request appointment as lead plaintiff in the lawsuit [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 4: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years and consistently ranking among the top securities litigation firms in the U.S. [4].