Canadians TD Bank Class Action Opportunity, Clawback, Lawsuit A class-action lawsuit has been filed in Canada against Aeroplan Inc., Canadian Imperial Bank of Commerce (CIBC), and Toronto-Dominion Bank (TD Bank). It is alleged that these institutions revoked Welcome Bonus Points from thousands of Aeroplan credit card holders. According to the lawsuit, these financial institutions acted unfairly when they “clawed back” bonus points given to Aeroplan customers who had applied for a second CIBC or TD Aeroplan Visa credit card.
The lawsuit, which was filed by Consumer Law Group (CLG), claimed that nearly 17,000 Aeroplan account holders were notified in October 2024 regarding the rescinded points. That is close to one year after the signing-up process for the second credit card. Affected account holders are now part of a proposed class-action lawsuit since the clawed-back Welcome Bonus Points were considered to be unfairly revoked.
Canadians TD Bank Class Action Opportunity Overview
| Case Background | TD Bank faces allegations of misleading statements regarding its anti-money laundering (AML) program. This includes concealing compliance failures, which led to punitive measures like a $3 billion fine and an asset cap imposed by U.S. authorities. |
| Stock Impact | Following the revelations on October 10, 2024, TD Bank’s stock price dropped significantly—by 6.4% initially and over 10% overall during the fallout period. |
| Class Period | Investors who purchased or acquired TD Bank securities between February 29, 2024, and October 9, 2024, are eligible to participate. |
| Deadline to Act | Investors must seek lead plaintiff status by December 23, 2024. |
| Legal Process | The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. |
| Next Steps for Investors | Eligible investors can join by contacting law firms like Bleichmar Fonti & Auld LLP or Robbins Geller Rudman & Dowd LLP, which are representing plaintiffs on a contingency fee basis. |
Aeroplan, CIBC, and TD Bank Class Action Lawsuit
Companies that participate include Aeroplan Inc., TD Bank, and CIBC.
- Number of people affected: About 17,000 Aeroplan members.
- Allegation : Failure to properly rescind the Welcome Bonus Points for Aeroplan credit card members who applied for a second Aeroplan Visa credit card.
- Time Frame: The notices of rescinded points were posted in October 2024.
How the “Clawback” Allegedly Happened
New users who sign up for a CIBC or TD-issued Aeroplan Visa credit card frequently receive Welcome Bonus Points as an inducement to sign up. It is alleged that thousands of persons who already had an Aeroplan credit card applied for a second one and were not informed they were unlikely to be eligible for such bonus points a second time.
The lawsuit further claims that TD Bank and CIBC never checked whether the applicants had existing Aeroplan cards, an essential requirement to qualify for Welcome Bonus Points. The Aeroplan points, estimated to be worth between CAD $100 and CAD $150 for every 10,000 points, were confiscated without warning the users concerned.
Important Details of the Class Action Lawsuit
Impact on Affected Consumers
- Loss of Points: Accounts had lost at least 10,000 Aeroplan points in a financial value that approximately falls in the range between CAD $100 to CAD $150.
- Additional Costs: Many customers were also charged additional annual fees and costs for their second Aeroplan credit card because they assumed that they would be receiving the advertised Welcome Bonus Points.
Consumer Law Group’s claims
- Breach of Consumer Protection Statutes: The rescission of points without notice allegedly constituted breaches of several provincial consumer protection statutes by Aeroplan, CIBC, and TD.
- Lack of Due Diligence: Neither CIBC nor TD Bank took steps to ensure applicant eligibility for bonus points, and their rescinding has been confusion and unexplained.
What the Lawsuit Sought
- Reaward of all lost Welcome Bonus Points for all the wronged customers.
- Account holders should be compensated in terms of financial losses incurred on annual fees and related expenses.
- Pay punitive damages for the unfair practices.
How to Be Part of the Class Action
- Verify Eligibility: You must have applied for a second Aeroplan Visa credit card from either CIBC or TD and subsequently have had Welcome Bonus Points clawed back.
- Class Action Sign Up: You may indicate your interest in joining the case by giving the law firm Consumer Law Group your contact information.
Important Link
| Homepage | Click Here |
Frequently Asked Questions
1. What is it about?
Charges that TD Bank deceived investors about its anti-money laundering (AML) compliance program
2. Who can join?
Those who have invested in TD Bank’s paper between Feb 29, 2024, and Oct 9, 2024.