Toronto Dominion Bank (TSX:TD) settles lawsuit over COVID-19 travel insurance claims

TD Insurance has agreed to settle a class-action lawsuit over some travel insurance claims it deniedThe claims primarily affect Canadians who had their trips cancelled as a result of COVID-19 travel restrictionsThe insurer has agreed to pay a sum of $5.1 million as part of the settlementLawyers estimate there are around 8,800 Canadians eligible to file a claimToronto-Dominion is one of Canada’s two largest banks and operates three business segmentsToronto 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.

The post Toronto Dominion Bank (TSX:TD) settles lawsuit over COVID-19 travel insurance claims appeared first on The Market Herald.

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