Toronto-Dominion Bank Faces Class-Action Lawsuit Over Alleged Compliance Deficiencies

In a significant development, law firm A&O Shearman has entered the fray as defense counsel for Toronto-Dominion Bank and other defendants in a ongoing securities class-action lawsuit. The suit, filed on December 11 in New York Southern District Court, alleges that the bank and its counterparts concealed their "pervasive" deficiencies in complying with the Bank Secrecy Act and implementing effective anti-money laundering controls.

The complaint, which is currently under the jurisdiction of U.S. District Judge Arun Subramanian (case number 1:24-cv-09445), accuses the defendants of making false statements to investors regarding their compliance with regulatory requirements. The Bleichmar Fonti & Auld law firm, representing plaintiffs, has made these allegations alleging that Toronto-Dominion Bank, as well as other banks and financial institutions implicated in the case, created an environment where "money laundering and terrorist financing went unchecked".