TORONTO, Dec. 22, 2023 /CNW/ - Koskie Minsky LLP and TD Bank jointly announce a proposed settlement of the ongoing class action regarding non-sufficient funds fees ("NSF fees").
The class action took issue with TD's charge of NSF fees on re-presented pre-authorized debit transactions ("PADs"). After lengthy negotiations and the assistance of a mediator, a proposed settlement was reached in August 2023.
A hearing will be held on February 13, 2024, where the Court will decide whether to approve the proposed settlement. Under the terms of the settlement, TD will pay a total of $15.9 million. TD has not admitted liability and denies liability. If the settlement is approved, TD will directly deposit funds into the bank accounts of eligible class members.
The class action was certified by the Ontario Superior Court of Justice on December 7, 2022 and the class definition was amended on November 27, 2023. Koskie Minsky LLP has been appointed as Class Counsel.
"We believe that this is an excellent result for the class." says Adam Tanel, a partner at Koskie Minsky. "Most importantly, once the settlement is approved by the court, the settlement we negotiated provides that class members will receive their pro rate share of the settlement funds directly deposited into their TD bank account without having to file any additional paperwork or jump through any additional hoops. It took a lot of work, on both sides, to get this deal done. We're pleased with the outcome."
https://kmlaw.ca/cases/td-bank-duplicative-nsf-fees-class-action/
SOURCE Koskie Minsky LLP
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