TD Bank Sued by First Horizon Investors After Acquisition Fails

TD Bank and its top officers were sued in a class action filed by First Horizon Corp. stockholders claiming false statements made by the defendants inflated the Tennessee bank’s stock, which then tumbled after TD’s acquisition of it failed.

According to the New Jersey federal court complaint, TD Bank and its officers continuously made public comments that the deal would go through by the mid-2023, at the latest.

Those statements were knowingly false, the complaint asserts. The defendants knew there were problems getting approval for the deal from federal regulators because there were problems with TD Bank’s internal controls, including ...