A class action lawsuit has been filed against Toronto-Dominion Bank (TD Bank) by users of the bank’s defective coin-counting machines in Canada.
Go deeper with GlobalData
The lawsuit, seeking compensation of up to $25m, has been filed by persons using the bank’s coin changing machines in Canada between 1 January 2013 and 25 May 2016.
The persons alleged that the bank knew about various accuracy problems with its coin counting machines in the US, after its extensive experience with these machines in the US branches since 2007.
In spite of that, the bank went ahead to launch the machines across Canada in January 2013.
According to allegations, "TD Bank represented that its coin counting machines in Canada would accurately count coins despite knowing they did not do so."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBy the end of 2013, the bank has more than 370 coin changing machines in Canada, which is more than any other bank in Canada.
However, on 19 May 2016, the bank decided to abandon its coin counting machines in the US following a probe by NBC’s Today Show, and later also followed the same step in Canadian branches.
