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TD Bank facing class-action suit over HELOCs

Toronto-Dominion Bank is facing a class-action lawsuit,seeking compensatory and punitive damages, over its alleged breach of contractwith class members by unilaterally increasing the interest owed by borrowers onits home equity line of credit — or HELOC — accounts in autumn 2009.

According to an Aug. 5 news release, the suit, approved Jan.15 by the Court of Appeal of Quebec, was filed on behalf of all Quebecresidents who signed an agreement for HELOC with the company or one of itssubsidiaries, and who received a notice in fall 2009 that led to an increase inthe percentage of interest added to or subtracted from the TD prime rate tocalculate the variable annual interest rate on their HELOC.

Marilena Masella was named as the representative for allclass members.