TD could pay out $16M to Canadians in class action lawsuit settlement

If you're a TD Bank customer in Canada, you could be eligible to receive a payout from a class action lawsuit settlement.

The bank has agreed to pay $15.9 million for the ongoing class action regarding non-sufficient funds fees (NSF fees).

According to a statement from Koskie Minsky — the agency appointed as class counsel — TD allegedly charged multiple NSF fees on a single cheque issued or payment made. TD denies all liability.

The Ontario Superior Court of Justice certified the class action on December 7, 2022.

A hearing is scheduled for February 13, 2024, when the court will decide to approve the proposed settlement.

If the settlement is approved, TD will deposit funds into the bank accounts of eligible class members.

Those who don't want to be legally bound by the settlement must opt out or remove themselves from the class action by completing this form no later than January 26, 2024.

More information can be found here.

This is one of several ongoing class action lawsuit settlements in Canada.

Last week, it was announced that Meta is offering eligible Canadians in four provinces $51 million in a class action lawsuit settlement involving sponsored Facebook stories that used some users' images.

Some Canadian iPhone users could also receive a payment from Apple due to a class-action lawsuit against the tech company involving slowed devices due to software updates.