A settlement has been proposed to resolve lawsuits against TD Bank, N.A. (“TD”) concerning TD’s Penny Arcade coin-counting machines. TD denies any wrongdoing but has agreed to the settlement to avoid litigation risk and costs. According to TD’s records, you may have completed a Penny Arcade transaction at a TD store between April 11, 2010, and July 12, 2017, inclusive (the “Class Period”), and therefore may be eligible for a payment from the Class Action Settlement if it is approved. You are receiving this notice because you have a right to know about a proposed Settlement and about all of your options before the Court decides whether to give final approval to the Settlement. If the settlement is approved, TD Bank will create a $7,500,000 fund to make payments to class members and up to $100,000 in litigation costs. Each class member's exact payment cannot be determined now, but payments will be calculated by applying a multiplier of 0.26% (based on extensive third party testing of machine accuracy) to identifiable class members' Penny Arcade transactions during the Class Period, after which any additional amount in the fund will be added pro rata to each class member's payment. This means payment to class members will likely be at least 26¢ per $100 exchanged using Penny Arcade during the Class Period. Any amount remaining in the fund after all payments are made to the class members will be donated to one or more court-approved non-profit organizations. TD will also pay attorneys' fees of up to $1,935,000 and service payments of up to $65,000, in the aggregate, to the named plaintiffs. TD will not resume using the machines at issue in the lawsuits to provide self-service coin counting in TD stores. Class members who held TD checking, savings, personal loan, or business loan accounts when they used Penny Arcade will receive payments automatically by account credit, check or other similar means, and do not need to take any action to receive such a payment. Class members who did not hold such accounts when they used Penny Arcade may seek a payment by submitting a claim online at www.pennyarcadesettlement.com. You may also print a Claim Form from the website, by calling 855-312-1974, or by emailing questions@pennyarcadesettlement.com. Claim Forms must be submitted online or postmarked by October 27, 2017. If the Claim Form is submitted by mail instead of online, it should be mailed to Penny Arcade Settlement, c/o GCG, P.O. Box 10470, Dublin, OH 43017 - 4070. Unless you exclude yourself from the Settlement, you will be bound by its terms. To opt out or object to the Settlement, you must write to Penny Arcade Settlement, c/o GCG, P.O. Box 10470, Dublin, OH 43017-4070 by October 27, 2017. The court will hold a hearing on January 11, 2018 at the U.S. Courthouse, 4th & Cooper Streets, Camden, NJ 08101, to decide whether to approve the Settlement. You or your attorney may appear at the hearing at your expense but it is not required. Please visit the Settlement website www.pennyarcadesettlement.com to learn more details about the Settlement.
TD Bank Penny Arcade Class Action Lawsuit on the Brink
By Consider The Consumer on August 24, 2017
To the dismay of many people, TD Bank has recently gotten rid of their Penny Arcade Machines. Uncertainty was in the air, as nobody could quite figure out why they made the change until news surfaced regarding the accuracy of the machines. It's been reported since that there is, in fact, a Penny Arcade Class Action Lawsuit, where the bank appears that it will be giving $7.5 million back to Penny Arcade users. Recently, there was a statement released and emailed to proposed class members, announcing the following: