Some Canadians may be in for a pleasant surprise as a class-action settlement totaling over $70 million has been approved by the Ontario Superior Court of Justice. This means that certain individuals who have been affected by the actions of TD Bank may be entitled to a payout.
The settlement stems from a lawsuit filed against TD Bank in 2014, alleging that the bank had been charging excessive fees on certain accounts. The lawsuit, which was certified as a class-action in 2016, claimed that TD Bank had been charging customers with certain types of accounts more than the advertised fees. This included accounts such as the TD Every Day Chequing Account, the TD Unlimited Chequing Account, and the TD Minimum Chequing Account.
After years of legal proceedings, the Ontario Superior Court of Justice has finally approved a settlement that will see TD Bank paying out over $70 million to affected customers. This is a significant amount and is a testament to the strength and perseverance of the Canadian justice system.
The settlement will benefit customers who held one of the aforementioned accounts between August 2013 and April 2019. These customers will receive a payout based on the type of account they held and the length of time they were affected. This means that some individuals may receive a larger payout than others, but all affected customers will receive some form of compensation.
This settlement is a win for Canadian consumers and serves as a reminder that large corporations are not above the law. It also highlights the importance of holding companies accountable for their actions and ensuring that they are transparent and fair in their dealings with customers.
For those who may be eligible for a payout, it is important to note that you do not need to take any action at this time. TD Bank will be reaching out to affected customers directly with information on how to claim their compensation. It is also important to be wary of any potential scams or fraudulent activities related to this settlement. TD Bank has assured that they will be contacting customers directly and will not be asking for any personal information or payment in order to receive the payout.
This settlement also serves as a reminder for all Canadians to be aware of the fees and charges associated with their bank accounts. It is important to regularly review your account statements and to question any discrepancies or unexpected fees. As consumers, we have the right to know what we are being charged for and to hold companies accountable for any unfair practices.
In addition to the monetary compensation, TD Bank has also agreed to make changes to their fee structure and to be more transparent in their communication with customers. This is a positive step towards ensuring fair and ethical practices within the banking industry.
Overall, this class-action settlement is a victory for Canadian consumers and a reminder that our justice system works to protect our rights. It also serves as a reminder for companies to be transparent and fair in their dealings with customers. We can all take this as an opportunity to be more aware of our rights as consumers and to hold companies accountable for their actions.
