Ex-Trader Sues TD Bank Over One-Year Non-Compete Agreement (1)

A former Toronto-Dominion Bank credit trader who resigned in August sued to have his one-year non-competition agreement declared unenforceable, claiming the bank violated its promise to let him execute an algorithmic strategy.

Matthew Austin filed suit against the Canadian bank’s US securities arm on Monday in federal court in New York. He claimed Toronto-Dominion was wrongfully trying to enforce the “overbroad” non-compete despite breaching the terms of the deal by which he joined the bank in February 2024.

According to his complaint, Austin was recruited to Toronto-Dominion under explicit promises that he would be allowed to implement a trading ...