TD Bank forced to repay over $16 million in fraudulent funds wrongfully retained

Between two parties separately defrauded by the same individual, who should be made whole? In 1442422 Ontario Ltd. et al v. The Toronto-Dominion Bank, 2026 ONSC 3856 the Court held that TD Bank, despite not being found negligent, must repay more than $16 million for its receipt of funds that the bank was unaware were fraudulently obtained but were paid in circumstances that should have led the bank to make further inquiries about their source. Heimbecker’s unauthorized overdraft with TD Mr. Heimbecker was a long-standing TD Bank client with two accounts at the bank: one personal and one for his ... [more]
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