- TD Insurance has agreed to settle a class-action lawsuit over some travel insurance claims it denied
- The claims primarily affect Canadians who had their trips cancelled as a result of COVID-19 travel restrictions
- The insurer has agreed to pay a sum of $5.1 million as part of the settlement
- Lawyers estimate there are around 8,800 Canadians eligible to file a claim
- Toronto-Dominion is one of Canada’s two largest banks and operates three business segments
- Toronto Dominion Bank (TD) is down 0.95 per cent on the day, trading at C$88.44 per share at 4 pm ET
TD Insurance has agreed to settle a class-action lawsuit over some travel insurance claims it denied.
The claims primarily affect Canadians who had their trips cancelled as a result of COVID-19 travel restrictions.
The insurer has agreed to pay a sum of $5.1 million as part of the settlement, $4.8 million of which will be distributed to compensate class members. The remaining $300,000 will cover administration costs.
Customers who were insured by a TD travel insurance policy between March 16, 2018, and Oct. 15, 2021, may qualify if they had their trip benefit claim fully or partially denied based on receiving non-monetary compensation, such as vouchers, coupons or credits instead of cash refunds. The customer must have already filed a claim for trip cancellation with TD.
Lawyers estimate there are around 8,800 Canadians eligible to file a claim.
Toronto-Dominion is one of Canada’s two largest banks and operates three business segments: Canadian retail banking, U.S. retail banking, and wholesale banking.
Toronto Dominion Bank (TD) is down 0.95 per cent on the day, trading at C$88.44 per share at 4 pm ET.
