Class Settlement in TD Bank Credit Card Line Gets Initial Approval

By Eric Heisig (August 29, 2022, 5:40 p.m. EDT) — A federal judge in New Jersey on Monday gave initial approval to a proposed class action settlement in which TD Bank NA agreed to pay $2.25 million for compensate secured credit card holders after the financial institution was accused of making false claims about their ability to upgrade to unsecured status.

U.S. District Judge Karen M. Williams, in her eight-page order, wrote that the proposed settlement “appears to be fair, adequate, and reasonable to the Settlement Class.” She said the agreement ticks all the boxes, including that it would be impractical to hear individual lawsuits from each person allegedly affected and that…

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