Judge Gives Preliminary OK to $9 Million Accord Over TD Bank Coin-Counting Machine Malfunctions
A federal judge in Camden granted preliminary approval on Tuesday to a $9 million settlement by TD Bank of litigation over coin-counting machines that allegedly shortchanged customers.
June 28, 2017 at 04:42 PM
11 minute read
A federal judge in Camden granted preliminary approval on Tuesday to a $9 million settlement by TD Bank of litigation over coin-counting machines that allegedly shortchanged customers.
The settlement terms call for creation of a $7.5 million fund to repay customers who used the machines. In addition, the settlement provides attorney fees of up to $1.95 million, plus another $50,000 in service awards to the nine named plantiffs in the eight consolidated suits. Litigation costs of up to $100,000 are to be drawn from the settlement fund. The parties reached the agreement after mediation with former U.S. Magistrate Judge Joel Rosen, now with Montgomery McCracken Walker & Rhoads in Cherry Hill.
The suits came after NBC's “Today” show reported in April 2016 that TD Bank's coin-counting machines shortchanged customers by as much as 14 percent. TD Bank took the machines out of service after the “Today” show report was aired, and then permanently de-commissioned them in May 2016.
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