An Ontario court has certified a shareholder class action against Toronto-Dominion Bank and members of its senior leadership over alleged misrepresentations about the bank’s anti-money-laundering controls.

Justice Janet Leiper of the Ontario Superior Court of Justice granted leave for the securities claims and certified the action on November 3, according to a November 4 announcement from plaintiffs’ law firm Rochon Genova. The Canadian Press also reported the certification.

The plaintiffs allege that the bank’s public disclosures and statements misrepresented weaknesses in its compliance controls and the existence of related investigations between December 2021 and October 2024. They seek compensation for investor losses they say followed later disclosures.

The defendants deny the allegations. The court has not decided the merits of the class action, the plaintiffs’ lawyers said. Certification allows the case to proceed collectively; it is not a ruling that the defendants are liable.

According to the law firm’s case page, the class covers qualifying secondary-market purchases of TD securities from December 1, 2021, through October 10, 2024, with holdings through at least one of the listed public correction dates. Exclusions apply.

The firm’s November 4 announcement says class members do not need to take action at this time. The Canadian Press reported that TD did not immediately respond to its request for comment.

Sources