Class Action Lawsuit Over Debit Balances
In the TD Bank class action lawsuit, one of their customer, an investor named as Richard Jones, was a customer of TD Bank. He had been receiving his account for a while and had not made any transactions in some time. On one particular day, Richard went to his office in the city to get something done and fell ill soon after his return. He was rushed to a nearby hospital and treated for a few days of kidney failure and related problems. His case was sent to the Office of the Comptroller of the Currency for investigation. The OCC soon discovered that Richard had fallen into an overdraft problem at TD Bank and they closed his account.
Two months later, the OCC sent Richard’s case back to TD Bank. They found out that Richard had not paid any of his overdraft fees to TD Bank and that they opened a new account for him in another bank. Richard’s attorney was notified of his class action lawsuit. He immediately filed suit against TD Bank and the second bank. It was later revealed that the second bank was one of the largest customer of TD Bank who had failed to pay Richard’s overdraft fees.
When this class action lawsuit was filed in the United States District Court for the Southern District of New York, Richard’s case was assigned to the United States Attorney’s Office for the District of Columbia. He hoped that the fraudulent act would be brought to justice. Unfortunately, nothing has been done to date and the case is still ongoing. There have been statements put forth by the OCC stating that they are investigating the charges against Richard and other cases of fraud in the banking industry. However, there have been no findings as of yet.
As part of the class action lawsuit, Richard was allowed a trial date. His lawsuit claims that he suffered financial loss and emotional anguish as a result of the bank’s actions. He is also asking for damages on the amount of money that he spent on overdraft fees and on various credit cards that he did not use. Other than this monetary figure, Richard is not seeking any other form of damages.
As part of the class action lawsuit, Richard was able to get some form of settlement. His attorney requested that TD Bank pay him approximately $400,000 as a result of this class action lawsuit. The bank has until July 10th to decide whether or not they will settle out of court. In addition, TD Bank has until October 1st to answer the complaint.
If you have been a victim of an overdraft scam, then you may want to seek a class action lawsuit over your experience. An overdraft is when a customer does not have enough funds available in their checking account to cover a direct deposit. This can happen for a number of reasons including checks bouncing, automatic deposits from other banking institutions, or even a change in income. In many cases, the bank will contact the customer and try to convince them to go ahead with an overdraft so that they will be able to get their money.