Dublin, OH: UPDATE: A settlement has been reached in TD Bank Penny Arcade class action lawsuits challenging the accuracy of Penny Arcade coin-counting machines at TD Bank, N.A. ("TD Bank") stores. TD Bank denies any liability or wrongdoing, and the Court has not decided which side is right. However, to settle the case and avoid the costs and risks of litigation, TD Bank has agreed to a settlement.
Consumers who used a Penny Arcade machine at a TD Bank store between April 11, 2010 and July 12, 2017, may be entitled to a cash payment from the class action settlement.
An investigative report in 2016, on NBC’s Today Show, revealed incorrect results when $300 in coins was placed in five randomly selected machines. That report was part of the disclosure used in the lawsuit.
TD stopped using the machines in the wake of the NBC report and pulled them from its branches in May 2016.
Reportedly, TD Bank would calculate the amount each TD Bank customer would receive by using its records to determine the amount of Penny Arcade usage by those consumers. TD would multiply that sum by 0.26 percent to determine a customer's distribution, or payment.
If you conducted a Penny Arcade transaction during the Class Period at a time when you did not hold a TD Bank Account, you must submit a Claim Form by October 27, 2017 to be eligible to receive a Settlement Payment based on such transaction(s).
If you conducted a Penny Arcade transaction during the Class Period at a time when you held a TD Bank checking, savings, personal loan, or business loan account ("Account"), you do not have to do anything to receive any Settlement Payment to which you are entitled.
