Security

Pomerantz Law Firm files class action lawsuit against TD Bank, following Bank Secrecy Act violations

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November 11, 2024

Pomerantz LLP has filed a class action lawsuit against TD Bank over whether the bank engaged in securities fraud. On Oct. 10, the bank agreed to pay more than $3 billion in penalties for violating the Bank Secrecy Act and money laundering standards, according to a press release.

The bank pled guilty to conspiring to maintain an anti-money laundering program.

"For nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks. As bank employees acknowledged in internal communications, these failures made the bank an 'easy target' for the 'bad guys.' These failures also allowed corrupt bank employees to facilitate a criminal network's laundering of tens of millions of dollars," Nicole M. Argentieri, principal assistant attorney general and head of the Justice Department's Criminal Division, said in a Justice Department press release. "U.S. financial institutions are the first line of defense against money laundering and illicit finance. When they participate in crime rather than prevent it, we will not hesitate to hold them accountable to the fullest extent of the law."

The lawsuit is looking for shareholders to join as lead plaintiff. They have until Dec. 23 to ask the court, according to the release.

It is looking for shareholders to join the lawsuit.