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

Premium Insights

The gold standard of business intelligence.

Find out more

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."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

By 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.