A federal lawsuit alleges TD Bank’s Penny Arcade machines inaccurately counted customers’ coins and seeks class-action status.
CHERRY HILL – A new website offers information about the pending settlement of a class-action lawsuit involving TD Bankâs controversial coin-counting machines.
The site â pennyarcadesettlement.com â provides details of the proposed $9.5 million payment by TD Bank.
It also offers claim forms for customers who did not have TD accounts when they used Penny Arcade machines.
A settlement administrator announced the website in a recent email to some TD Bank customers. The email alsoÂ recounted terms of a proposed settlement first reported by the Courier-Post in July.
Under those terms, the Cherry Hill-based bank will determine the value of customersâ Penny Arcade transactions, then will multiply that amount by 0.26 percent to determine each personâs payment.
âThis means payments to class members will likely be at least 26 cents per $100 exchanged using Penny Arcadeâ after April 11, 2010, the email said.
It said the multiplier is based âon extensive third-party testing of machine accuracy.â
The deal includes more than $7.5 million for Penny Arcade customers and almost $2 million for their attorneys. It’s intended to resolve lawsuits filed after aÂ TV news report disclosed potential problems with the coin-counting machines in April 2016.
TD Bank, which pulled the machines from its branches in May 2016, denies any wrongdoing.
The bank, which declined comment Monday, has said it’s settling the suit to avoid the cost and risk of continued litigation.