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A judge preliminarily approved a class action settlement on July 12, 2017 that challenged the accuracy of the Penny Arcade coin operated machines located at TD Bank NA stores.
The class action lawsuit stemmed from an NBC story that aired on April 6, 2016 that demonstrated that Penny Arcade machines do not accurately count the coins inserted by customers. The story also mentioned how the machines shortchanged customers. Penny Arcade coin counting machines operate by counting the coins inserted by customers and then issuing a receipt that reflects the amount of money customers can redeem for cash or have deposited into their TD Bank accounts.
The Penny Arcade class action settlement resolves eight class action lawsuits filed against TD Bank asserting the bank failed to redeem the full value of coins deposited into Penny Arcade machines. Terms of the class action settlement require TD Bank to set up a settlement fund worth $7.5 million. TD Bank continues to deny any wrongdoing in the case, but the bank settled the class action lawsuits to avoid the uncertainty of prolonged litigation.
What You Need To Know About The TD Bank Customer Class Action Settlement
According to court documents, eligible class members of the TD Bank class action settlement “include anyone who used a Penny Arcade machine to exchange coins for cash or credit to a TD Bank account between April 11, 2010 and July 12, 2017.” Qualifying class members have until October 27, 2017 to opt out of the class action settlement or contest any provision within the agreement. The potential award is the total amount of Penny Arcade transactions divided by the number of class members who file valid and timely claims. Class members who did not have an account with TD Bank during the class period must provide proof of making Penny Arcade coin transactions.
Eligible class members have until October 27, 2017 to file a valid claim form. The judge who granted preliminary approval for the TD class action settlement case Macias v. TD Bank NA, Case No. 16-cv-3420; Feinman v. TD Bank NA, Case No. 16-cv-3435; Luce v. TD Bank NA, Case No. 16-cv-2621; Filannino-Restifo v. TD Bank NA, Case No. 16-cv-2374; Diaz v. TD Bank NA, Case No. 16-cv-2395; Spector v. TD Bank NA, Case No. 16-cv-2682; Krulan v. TD Bank NA, Case No. 16-cv-2919; and McEnerney v. TD Bank NA, Case No. 16-cv-2918, all in the U.S. District Court for the District of New Jersey has scheduled the final hearing on January 11, 2018. Learned what happened at the final hearing by accessing the class action settlement website www.PennyArcadeSettlement.com. The class action settlement website will provide updates on the potential award, as well as present the list of attorneys representing the class and defense counsels.