28, 2022, and May 3, 2023, estimated to include “hundreds or thousands of members.” The news of the termination caused FHN’s stock price fell by more than 33%, to close at $10.06 per share on May 4, 2023, according to the complaint.Īmicarelli seeks to represent a class of people who acquired FHN securities between Feb. “TD Bank and FHN, however, failed to disclose that TD Bank’s materially deficient AML policies and procedures had derailed regulatory approval of the Transaction,” the complaint alleges. TD Bank and FHN announced on “that they had mutually agreed to terminate the transaction because TD Bank ‘does not have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon,’ and ‘there is uncertainty as to when and if these regulatory approvals can be obtained,’” Amicarelli alleges. These risks caused regulators at the Office of the Comptroller of the Currency and the Federal Reserve to balk at the transaction, the complaint alleges. The defendants, however, failed to disclose that TD Bank had “materially deficient anti-money laundering” policies and procedures, lead plaintiff Andrew Amicarelli alleges. 28, 2022, assuring that the deal would go through by the mid-2023 at the latest, according to the complaint filed Thursday in the US District Court for the District of New Jersey. The companies and their officers made public statements, beginning with a press conference on Feb. TD Bank, First Horizon Corp., and their corporate officers were hit with a proposed securities class action alleging they made misleading statements about the likelihood of regulatory approval of TD Bank’s acquisition of FHN.
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