TD Bank Sued by Chinese Employees in US Claiming Illegal Firing

Core Points - Toronto-Dominion Bank is facing a lawsuit from former employees alleging wrongful termination related to the bank's crackdown on money laundering activities [1][2][4] - The plaintiffs claim they were fired due to their ethnicity and are seeking unspecified damages [3][4] - The bank previously pleaded guilty to conspiracy to commit money laundering and reached a $3.1 billion settlement with US authorities [5][6] Group 1: Lawsuit Details - Five former employees, including Chinese and Chinese-American individuals, allege they were dismissed from branches in New York City as part of the bank's efforts to address money laundering [2][4] - The lawsuit seeks to represent a nationwide class of affected employees who have faced investigations and terminations since 2022 [4] - The complaint states that the plaintiffs were punished for crimes committed by others, which they were not involved in [3] Group 2: Bank's Legal and Financial Context - Toronto-Dominion Bank has spent hundreds of millions on enhancing its anti-money laundering controls and has hired numerous experts to improve its programs [6] - A specific criminal network laundered $474 million through the bank's branches, highlighting the scale of the issue [7] - The scandal has led to significant changes in the bank's upper management, including the resignation of the CEO and several board members [8] Group 3: Operational Impact - The bank has approximately 10 million retail clients in the US and around 1,100 branches, primarily on the East Coast [8] - As a result of the settlement, the bank faces a cap on its US retail banking assets [8]