TD Securities $4.7M U.S. Treasuries Spoofing Settlement

Individuals who traded certain U.S. Treasury securities between April 3, 2018, and May 14, 2019, may be eligible to claim a share of a $4.71 million settlement from a deferred prosecution agreement.

TD Securities (USA) LLC agreed to pay $4,707,332 to resolve criminal charges stemming from a scheme involving spoofing and layering in the U.S. Treasuries market. The company admitted to manipulating the prices of various U.S. Treasury securities, creating a false impression of supply and demand and thereby impacting the market to its own advantage.

The United States Department of Justice, Criminal Division, Fraud Section is overseeing the victim compensation process.

Who can file a claim?

Individuals must have purchased or sold one or more of the eligible U.S. Treasury securities (identified by CUSIP) between April 3, 2018, and May 14, 2019, inclusive.

Both individuals and institutions, including estates, trusts, pension plans, corporations and other entities, may be eligible. They do not need to be a U.S. citizen or reside in the United States to file a claim.

Those filing on behalf of a deceased person must submit the petition in the name of the deceased and provide verification of death and documentation showing their authority to represent the estate. Attorneys or legal guardians may file on behalf of claimants but must include a signed, sworn statement from the client or client’s representative authorizing the filing

The eligible securities include a wide range of U.S. Treasury notes and bonds, each identified by specific CUSIP numbers. Examples include:

• 30 Year T-Bond (CUSIP 912810SA7, 912810SC3, 912810SD1, 912810SE9, 912810SF6 and 912810SH2)
• 10 Year T-Note (CUSIP 9128283W8, 9128284N7, 9128284V9, 9128285M8, 9128286B1 and 9128286T2)
• 5 Year T-Note (CUSIP 9128284D9, 9128284S6, 9128284U1, 9128284X5, 9128285D8, 9128285K2, 9128285P1, 9128285U0, 9128285Z9, 9128286G0 and 912828W71)
• 7 Year T-Note (CUSIP 9128284F4, 9128284R8, 9128285J5, 9128286A3, 9128286F2, 9128286L9, 9128286R6 and 9128286S4)
• 2 Year T-Note (CUSIP 9128284J6, 912828XY1, 9128284Y3, 9128285B2, 9128285G1, 9128285Q9, 9128285S5, 9128285X4 and 9128286D7)
• 3 Year T-Note (CUSIP 9128284T4 and 9128286H8)

Class members can view a full list of eligible CUSIPs on the settlement website.

How much can class members receive?

Pro rata payment: The total settlement fund is $4,707,332. Class members' recognized loss is based on their trading activity in eligible securities during the relevant period.

The settlement administrator will calculate payments on a pro rata basis, meaning each eligible claimant receives a share of the fund proportional to their recognized loss. Here’s how the calculation works:

• The settlement administrator calculates each claimant’s recognized loss based on the documentation they provide.
• It then totals all recognized losses for all claimants.
• The calculation is (claimant’s recognized loss / total recognized losses) × $4,707,332

Those who received compensation for their loss from another source, such as restitution, SEC distributions or other class actions, must disclose this information. The settlement administrator will deduct these amounts from their calculated loss.

How to claim a settlement payment

Class members must file an online petition form or download, print, complete and mail or email the form to the settlement administrator using the same link. The claim deadline is Jan. 29, 2026.

Settlement administrator's contact information: USA v. TD Securities (USA) LLC c/o Epiq PO Box 2691 Portland, OR 97208-2691, Info@TDVictimCompensation.com

If the settlement administrator notifies a claimant that their petition is deficient, they will have 30 days from the date of the notice to correct the deficiency. Failure to cure deficiencies may result in claim denial.

What proof or documentation required to submit a claim?

Claimants must provide documentation to verify their transactions in the eligible U.S. Treasury securities. Acceptable forms of documentation include:

• Trade confirmations or transaction records showing trade date, CUSIP, number of notes or bonds, price and total purchase or sale price
• Bank statements or account statements with the account holder’s name, date and payee description
• Documentation of any compensation received from other sources for the same loss
• For estates, proof of death and documents showing representation of the estate
• For name changes, third-party documentation such as a marriage certificate or driver’s license (for individuals) or articles of incorporation (for entities)
• For attorney-filed claims, a signed and sworn statement authorizing the attorney to file on their behalf

Payout options

The settlement administrator will distribute payments by paper check.

Important dates

• Deadline to file a claim: Jan. 29, 2026

When is the TD Securities (USA) LLC victim compensation payout date?

The settlement administrator will distribute payments after it processes and verifies petitions and determines who is eligible to receive a payment. This could take more than a year.

Why did this class action settlement happen?

TD Securities (USA) LLC entered into a deferred prosecution agreement with the Department of Justice after it admitted to engaging in hundreds of episodes of spoofing and layering in the U.S. Treasuries market between April 3, 2018, and May 14, 2019. These actions allegedly manipulated the market by creating a false impression of supply and demand, which artificially affected the prices of U.S. Treasuries.

TD Securities will also pay a criminal penalty of $9,414,664, which is twice the gross loss caused by the offense, and $1,403,906 in forfeiture, $400,000 of which will be credited against disgorgement of ill-gotten profits the company pays to the SEC in its concurrent resolution.

Sources

1. Notice and petition form
2. Deferred prosecution agreement
3. Settlement FAQ