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Toronto-Dominion Bank pays a fee of $ 41.5 million



(Reuters) – Toronto-Dominion Bank agreed to pay $ 41.5 million to settle a US class action lawsuit to debit excess customer account fees, court documents show.

The settlement includes $ 20.75 million in cash and an equal amount in debt forgiveness. TD, Canada's second-largest lender with large operations in the United States, also agreed to pay $ 500,000 in costs, the newspapers showed. The settlement requires the approval of a judge.

The lawsuit was filed against TD in November 2018 by customers who were charged fees for insufficient funds several times when merchants repeated attempts to process the same transaction.

A TD spokeswoman declined to comment.

TD shares were unchanged in morning trading in Toronto.

The agreement proposes that TD will make a cash payment to the settlement fund within 1

4 days of preliminary approval, and forgiveness of fees that will not be charged will take place automatically 90 days after the effective date.

On May 14, court documents showed that Bank of America Corps agreed to pay $ 75 million to resolve a similar lawsuit.

Separately, TD is awaiting trial in a court in Ontario where the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $ 4.5 billion in damages. Catalog

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