A potential class action lawsuit against TD Bank is preparing to seek damages of $6.75 billion, with plaintiff Gerald Gazarik filing this lawsuit through Canadian law firm Sotos LLP.

A notice of the lawsuit was issued on June 4, stating that TD Bank and some directors and officers misrepresented the shortcomings in TD's anti-money laundering controls and the potential impact on TD's operations in the United States,” according to the lawsuit.

The filing also stated: “After these shortcomings were disclosed on April 30, 2024, TD Bank's stock price dropped significantly, and shareholders were severely harmed.”

It is noteworthy that the lawsuit was filed on behalf of Canadians who purchased TD Bank shares between August 26, 2021, and June 3, 2024.

The notice also indicated that the financial institution's stock prices had declined by more than $6
per share, resulting in damages to the members of the potential class action.