June 27, 2017
In a proposed settlement that is anything but penny ante, TD Bank would pay nearly $9 million to settle a class-action suit involving its Penny Arcade coin counting machines.
About $7.5 million of the sum will go to consumers if the settlement is approved by a federal judge sitting in Camden – not exactly chump change.
The South Jersey-based bank pulled about 1,200 of its machines from its branch locations last spring after and investigative feature ran on NBC’s “Today Show” in the spring of 2016.
“The Rossen Reports” tested five machines using $300 in coins in each counter and got varying tallies from the counters.
TD has not used the machines since May of 2016.
Stephen P. DeNittis, an Evesham attorney representing class action members, was not available Tuesday. The bank does not comment on pending litigation.
He told the Courier-Post the proposed deal provides "significant monetary relief” for consumers. The machines went into service in April 2010.
The tentative settlement is awaiting a decision by U.S. District Judge Jerome Simandle.
Read more coverage from the Courier-Post here.