An Ontario court has certified a class-action lawsuit against Toronto-Dominion Bank and several senior leaders, including former CEO Bharat Masrani. The suit alleges the bank misrepresented its anti-money laundering (AML) controls between December 2021 and October 2024.
The plaintiffs claim TD concealed longstanding, pervasive and systemic weaknesses in its AML program and prioritized profits over compliance.
In 2024, TD pleaded guilty to money laundering-related charges in the United States and paid more than US$3 billion in penalties.
The plaintiffs allege that revelations about the AML failures led to a C$30 billion drop in TD’s market capitalization and significant investor losses.