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TORONTO-DOMINION: “Tucci” Suit Alleges Securities Act Breach

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JANET TUCCI, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. THE TORONTO-DOMINION BANK, BHARAT B. MASRANI, RIAZ E. AHMED, and COLLEEN M. JOHNSTON, Defendants, Case No. 1:17-cv-01735 (D.N.J., March 15, 2017), alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies in violation of the U.S. Securities and Exchange Act. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s wealth asset growth and increased fee-based revenue was spurred by a performance management system that led to its employees breaking the law at their customers’ expense in order to meet sales targets; (ii) the Company illicitly increased customers’ lines of credits and overdraft protection amounts without their knowledge; (iii) the Company illicitly upgraded customers to higher-fee accounts without permission; (iv) the Company lied to customers as to the risk of the Company’s products and services; and (iv) as a result of the foregoing, TD Bank’s public statements were materially false and misleading at all relevant times.

The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout Canada and overseas.

The Plaintiff is represented by:

Bruce D. Greenberg, Esq.
LITE DEPALMA GREENBERG, LLC
570 Broad Street – Suite 1201
Newark, NJ 07102

– and –

Jeremy A. Lieberman
J. Alexander Hood II
Hui M. Chang
POMERANTZ LLP
10 South La Salle Street, Suite 3505
Chicago, IL 60603

– and –

Patrick V. Dahlstrom, Esq.
POMERANTZ LLP
10 South La Salle Street, Suite 3505
Chicago, IL 60603

– and –

BRONSTEIN, GEWIRTZ & GROSSMAN, LLC
Peretz Bronstein, Esq.
60 East 42nd Street, Suite 4600
New York, NY 10165