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Announcing Proposed Class Action Settlement Involving Purchasers of the U.S.-Traded Common Stock of the Toronto-Dominion Bank

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CAMDEN, N.J., Aug. 1, 2019 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY


1:17-cv-01665 (NLH/JS)

IN RE TORONTO-DOMINION BANK


SECURITIES LITIGATION



Class Action



NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION

TO:    ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE U.S.-TRADED COMMON STOCK OF THE TORONTO-DOMINION BANK ("TD") (NYSE:TD) BETWEEN DECEMBER 3, 2015 AND MARCH 9, 2017, BOTH DATES INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey, that a hearing will be held on October 3, 2019, at 3:30 p.m. before the Honorable Noel L. Hillman, United States District Judge, at the courthouse for the United States District Court, District of New Jersey, Mitchell H. Cohen Building & United States Courthouse, 4th & Cooper Streets, Court Room 3A, Camden, New Jersey 08101 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration in the amount of thirteen million two hundred fifty thousand dollars U.S. (USD $13,250,000.00) should be approved by the Court as fair, reasonable, and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether Lead Counsel's application for an award of attorneys' fees of up to thirty-three and 1/3 percent (33.3%), and reimbursement of out-of-pocket expenses of not more than two hundred seventy-five thousand U.S. dollars (USD $275,000.00) plus interest on such fees and expenses, and a compensatory award for Plaintiffs of not more than fifteen thousand U.S. dollars (USD $15,000.00) each, all to be paid from the Settlement Fund, should be approved; and (4) whether this Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated June 20, 2019 (the "Stipulation") filed with the Court.

The Court has certified a class of investors for settlement purposes only ("Settlement Class") and you may be a member of the Settlement Class ("Settlement Class Member").  The proposed Settlement Class will consist of all persons or entities who purchased, or otherwise acquired, the U.S.-traded common stock of TD (NYSE:TD) between December 3, 2015 and March 9, 2017, both dates inclusive (the "Settlement Class Period").  Excluded from the Settlement Class are the Defendants; members of their immediate families and their affiliates; any executive officer or director of TD during the Settlement Class Period; any entity in which any Defendants had a controlling or partnership interest during the Settlement Class Period; the judges presiding over the Action and their immediate family members; counsel of record in this Action; and the successors, heirs, and assigns of any excluded persons and/or entities referenced above.

If you purchased U.S.-traded TD common stock during the Settlement Class Period, your rights may be affected by this Action and the Settlement thereof, including the release and extinguishment of claims you may possess relating to your ownership interest in U.S.-traded TD common stock.  If you have not received a more-detailed, long-form Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Settlement Fairness Hearing ("Notice") and the Proof of Claim and Release Form, you may obtain copies of these documents and the Stipulation by downloading them at the Claims Administrator's website at: www.TorontoDominionSecuritiesSettlement.com.  If you are unable to do so, you may contact the Claims Administrator to obtain copies:  

Toronto-Dominion Securities Litigation Settlement
c/o Epiq Class Action & Claims Solutions, Inc.
PO Box 3207
Portland, OR 97208-3207
info@TorontoDominionSecuritiesSettlement.com
www.TorontoDominionSecuritiesSettlement.com
877-830-7922

The case has been litigated since March 12, 2017.  Plaintiffs allege that, in violation of the U.S. federal securities laws, Defendants made material misrepresentations and omissions, with scienter, concerning TD's risk management and internal controls, business operations, and reported results, causing TD's stock price to be inflated during the Settlement Class Period.  Plaintiffs further allege that revelation of Defendants' fraud and caused a statistically significant stock decline, thereby injuring Plaintiffs and the Settlement Class of investors.  Defendants have denied and continue to deny these allegations and that they committed any act or omission giving rise to any liability or violation of the law.  The Settlement will resolve the lawsuit and the Released Claims as to the Defendants and other Released Parties.  Plaintiffs and the Settlement Class are represented by Lead Counsel who may be reached by contacting: Matthew L. Tuccillo, Pomerantz LLP, 600 Third Avenue, 20th Floor, New York, NY 10016, (212) 661-1100.

If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form received no later than September 19, 2019, establishing that you are entitled to recovery.  Unless you submit a written exclusion request, you will be bound by any Judgment rendered in the Action whether or not you make a claim.

If you want to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion, in accordance with the procedures set forth in the long-form Notice, so that it is received no later than September 12, 2019.  If you decide to exclude yourself from the Settlement Class, and wish to file your own individual lawsuit based on the Released Settlement Class Claims, Defendants may argue that you face a time bar under applicable statutes of limitation or repose, risks that you should discuss with an appropriate legal advisor.  All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any Judgment entered in the Action pursuant to the Settlement Stipulation.

If you are a Settlement Class Member and do not exclude yourself, you can object to the Settlement, Plan of Allocation, or Lead Counsel's request for an award of attorneys' fees and reimbursement of expenses and compensatory award to Plaintiffs in the manner and form explained in the detailed Notice and received no later than September 12, 2019.

Any questions regarding the Settlement should be directed to Lead Counsel for the Settlement Class.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

Dated: August 1, 2019

BY ORDER OF THE COURT

UNITED STATES DISTRICT COURT

DISTRICT OF NEW JERSEY

 

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SOURCE United States District Court, District of New Jersey

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