Scotia reaches NSF fees class action settlement [Advisor.ca (Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Advisor.ca
The bank and plaintiffs' lawyers, Koskie Minsky LLP, jointly announced that they've reached a proposed settlement that would see the bank pay $10.45 million to resolve the case, which was certified as a class action in Ontario on April 8, 2024. The lawsuit alleged that bank customers were improperly charged duplicate insufficient funds fees on pre-authorized debit transactions that were attempted more than once. Under the settlement, the bank continues to deny the allegations, and does not admit liability. The proposed deal, which was reached with the involvement of a mediator, requires court approval — and a hearing before the Ontario Superior Court of Justice has been scheduled for June 12 to seek that approval. If it's approved, bank customers that were charged duplicate NSF fees on pre-authorized debits between June 21, 2020 and April 30, 2024, will each receive approximately $40 from the settlement. It's expected that the bank will directly deposit funds into the account
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