Class-action suit alleges Chinese and Chinese-American staff were targeted during money-laundering probe
A group of former Toronto-Dominion Bank (TD) employees in the U.S. has initiated a class-action lawsuit in federal court, alleging that the bank disproportionately targeted and fired staff based on their ethnicity during its response to a major financial crime investigation.
Already under scrutiny over its role in facilitating criminal money laundering in the U.S., TD is now facing accusations that it scapegoated Chinese and Chinese-American employees in an attempt to appear compliant with U.S. federal regulators.
The lawsuit, filed in U.S. District Court in New York, represents an escalation of TD's ongoing troubles related to its failures in anti-money-laundering oversight. The case highlights a troubling disconnect between the bank's stated commitment to compliance and its alleged treatment of employees hired to serve the bank's Chinese customer base.
TD’s money-laundering problems came to light through years of investigation by U.S. federal authorities. In 2024, the bank pleaded guilty to conspiracy to commit money laundering, admitting to a decade-long pattern of processing funds for criminal organizations. The guilty plea resulted in approximately $3.1 billion in penalties and restrictions on the bank's U.S. expansion.
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