Penny Arcade Settlement


Frequently Asked Questions

Helpful Hint: Using the general subject of your question may provide the best search results. For example, enter the word "hearing" in the search box to find information about the Settlement's Fairness Hearing.

BASIC INFORMATION

1. Why is there a notice?

A Court authorized the notice because you have a right to know about a proposed Settlement of these class action lawsuits and about all of your options before the Court decides whether to give final approval to the Settlement. The notice explains the lawsuits, the Settlement, and your legal rights.

The lawsuits involved in the Settlement are Macias v. TD Bank, N.A., No. 16-cv-3420 (D.N.J.); Feinman v. TD Bank, N.A., No. 16-cv-3435 (D.N.J.); Luce v. TD Bank, N.A., No. 16-cv-2621 (D.N.J.); Filannino-Restifo v. TD Bank, N.A., No. 16-cv-2374 (D.N.J.); Diaz v. TD Bank, N.A., No. 16-cv-2395 (D.N.J.); Spector v. TD Bank, N.A., No. 16-cv-2682 (D.N.J); Krulan v. TD Bank, N.A., No. 16-cv-2919 (D.N.J.); McEnerney v. TD Bank, N.A., No. 16-cv-2918 (D.N.J.). Judge Jerome B. Simandle and Magistrate Judge Joel Schneider of the United States District Court for the District of New Jersey are overseeing the lawsuits. The people who filed the lawsuits are called the “Plaintiffs.” TD Bank, N.A. (“TD Bank”) is the “Defendant.”

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2. What is this litigation about?

The lawsuits challenge the accuracy of Penny Arcade coin-counting machines at TD Bank stores. The lawsuits claim that users of the machines did not receive the full value of the coins they deposited into the machines. The complaints in the lawsuits are posted under Court Documents on the Home tab and contain all the allegations and claims asserted against TD Bank. TD Bank denies any wrongdoing or liability but has agreed to settle the lawsuits to avoid the costs and risks of litigation.

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3. What is a Penny Arcade machine?

Penny Arcade was a coin-counting service provided at TD Bank Stores. Users deposited coins into the machine to be counted. The machine issued a receipt reflecting the counted amount. The user could redeem the receipt with a teller and either deposit the funds (if the user held a TD Bank checking, savings, personal loan, or business loan account (“Account”)) or receive cash.

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4. Why is this a class action?

In a class action, one or more people called “Class Representatives” (in this case, thirteen people and entities who claim to have used Penny Arcade machines) sue on behalf of themselves and other people with similar claims. Together, all the people with similar claims (except those who exclude themselves) are members of a “Settlement Class.”

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5. Why is there a Settlement?

The Court has not decided which side is right. Instead, both sides have agreed to a Settlement. By agreeing to the Settlement, both sides avoid the costs and uncertainty of a trial, and Settlement Class Members receive the benefits described in this notice. The proposed Settlement does not mean that any law was broken or that TD Bank did anything wrong. TD Bank denies all legal claims in this case. Class Representatives and their lawyers (“Class Counsel”) think the proposed Settlement is best for everyone who is affected.

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6. What is the status of the Settlement?

On February 13, 2018, objectors/appellants Erin Caligiuri and American Realty Concepts LLC, through their attorney, withdrew their appeal to the United States Court of Appeals for the Third Circuit of the Order of the District Court approving the Settlement. Accordingly, distribution of the settlement funds has been scheduled for April 2018.

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WHO IS PART OF THE SETTLEMENT?

If you received notice of the Settlement addressed to you and you are not excluded, then you are a Settlement Class Member. But even if you did not receive notice, you may be a Settlement Class Member, as described below.

7. Who is included in the Settlement?

You are a member of the Settlement Class if you used a TD Bank Penny Arcade coin-counting machine to exchange coins for a credit to a TD Bank Account or for cash between April 11, 2010 and July 12, 2017 (that is, during the “Class Period”). The Court has excluded from the Settlement Class (1) anyone who was a TD Bank employee on the date the Court preliminarily approved the Settlement (July 12, 2017), (2) the lawyers for the named plaintiffs and TD Bank, and (3) the judges presiding over this case and their families.

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8. I am/was a TD employee. Can I participate in the Settlement?

The Settlement Class does not include anyone who was a TD Bank employee as of the date the Court preliminarily approved the Settlement (July 12, 2017). Even if you received a notice of the Settlement addressed to you, if you were employed by TD Bank on July 12, 2017, you are not a member of the Settlement Class, you cannot receive a payment from the Settlement, and the Settlement does not affect your rights.

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9. What if I am not sure whether I am included in the Settlement?

If you are not sure whether you are in the Settlement Class, or have any other questions about the Settlement after reviewing these FAQ's, call the toll free number, 1-855-312-1974. You may also send questions to the Settlement Administrator at questions@pennyarcadesettlement.com or Penny Arcade Settlement, c/o GCG, PO Box 10470, Dublin, OH 43017-4070.

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THE SETTLEMENT BENEFITS

10. What does the Settlement provide?

If the Settlement is approved and becomes final, it will provide benefits to Settlement Class Members. TD Bank will pay $7,500,000 to establish a Settlement Fund. The Settlement Fund will be used to make payments to eligible Settlement Class Members, as well as covering up to $100,000 in litigation costs incurred by Class Counsel (see Question 20). TD Bank will also pay an award of attorneys’ fees, plus a special service payment to the thirteen Class Representatives who initiated the lawsuit (see Question 20). The attorneys’ fee and service awards will be in amounts to be determined by the Court, but the attorneys’ fee award may not exceed $1,935,000, and the service awards taken all together may not exceed $65,000. TD Bank will also pay costs associated with administering the Settlement. If there are any funds remaining in the Settlement Fund after the payments to Settlement Class Members and of Class Counsel’s litigation costs, all remaining funds will be distributed to a nonprofit organization or organizations agreed upon by Class Counsel and TD Bank and approved by the Court. Finally, TD Bank has agreed not to resume using the Penny Arcade coin-counting machines that are the subject of the Settlement to provide customer self-service coin-counting in TD Bank Stores.

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11. How much will my payment be?

Any payment you are eligible to receive was calculated using a formula applied to the total dollar amount of any Penny Arcade transactions you conducted during the Class Period of 0.26%. Settlement Funds remaining after the Settlement Administrator applied this formula to all Settlement Class Members who are entitled to payments, and after accounting for any court-awarded litigation costs, were added to each award on a pro rata basis. Each class member’s payment will, therefore, be approximately 36¢ per $100 exchanged using Penny Arcade during the Class Period. There is a limitation on the payment to a class member who did not hold an account at TD Bank at the time of the member’s Penny Arcade transaction, if the class member was unable to provide suitable documentation, in which case the calculation of the claim payment will be based on a maximum transaction amount of $500.00.

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12. When will I receive my payment?

Payments will be made to eligible settlement class members in or around the second half of April 2018.

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13. What am I giving up to stay in the Settlement Class?

Unless you exclude yourself from the Settlement, you cannot sue TD Bank, or bring a claim against TD Bank through arbitration, or be part of any other lawsuit or arbitration against TD Bank about the issues in this case. (Arbitration is a process between consumers and businesses that uses a neutral person to resolve a dispute.) Unless you exclude yourself, all of the decisions by the Court will bind you. The Settlement Agreement is available under Court Documents on the Home tab and describes the claims that you give up if you remain in the Settlement.

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HOW TO RECEIVE A PAYMENT

14. How can I receive a payment?

Payments will be made in two ways.

Automatic Payments:

Settlement Class Members who conducted Penny Arcade transactions during the Class Period while they held a TD Bank Account will receive payments from the Settlement automatically, either as an account credit (if the Settlement Class Member still holds a TD Bank Account when payments from the Settlement are made) or in the form of a check or other means of funds transfer (if the Settlement Class Member no longer holds a TD Bank Account when payments from the Settlement are made).

If you are entitled to an automatic payment, you do not have to do anything in order to receive that payment. As long as you do not exclude yourself from the Settlement (see Question 18), the payment will be made automatically, either by a credit to your TD Bank Account or (if you no longer have a TD Bank Account) by check mailed to you at the address TD Bank has on file. Please contact the Settlement Administrator if you change your address.

Non-Automatic Payments:

The Claim Form deadline was October 27, 2017.

If your Claim is approved, payment will be issued to you by check mailed to the address listed on your Claim Form. Please contact the Settlement Administrator if you change your address.

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15. How does TD Bank automatically know that I had an account when I used the Penny Arcade?

TD Bank keeps records of customers’ account activity, including Penny Arcade transactions, and will provide those records to the Settlement Administrator to be used to identify customers who are entitled to receive automatic settlement payments.

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16. Can I get an automatic payment and submit a Claim?

If you conducted some Penny Arcade transactions during the Class Period at a time when you held a TD Bank Account and you conducted other Penny Arcade transactions during the Class Period at a time when you did not hold a TD Bank Account, it is possible to get an automatic payment (for transactions as an Account holder) and submit a Claim for a non-automatic payment (for transactions as a non-Account holder). However, you were permitted to submit a Claim only for those Penny Arcade transactions that you conducted when you did not hold an Account at TD Bank.

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17. How do I submit a Claim for a non-automatic payment?

The deadline to submit a Claim Form has passed. If you submitted a Claim, you also must have provided supporting information. For each Penny Arcade transaction for which you are asking for a payment, you must have provided: (1) the date of the Penny Arcade transaction, (2) the dollar amount of the Penny Arcade transaction, and (3) documentation sufficient to substantiate the Claim, if available. If you were unable to provide documentation to substantiate your Claim, your Claim Distribution, if any, will be calculated based on a maximum transaction amount of $500.00. The Settlement Administrator may also require you to provide additional documentation in order to receive payment.

You were permitted to submit a Claim only for Penny Arcade transactions you conducted during the Class Period at a time when you did not hold a TD Bank Account. Payments for Penny Arcade transactions conducted during the Class Period by Settlement Class Members who held TD Bank Accounts at the time the transactions occurred will be made automatically without any need to submit a Claim. Any Claim Form requesting a payment based on a Penny Arcade transaction conducted by a Settlement Class Member who held a TD Bank Account at the time of the transaction will not be considered. However, you were permitted to submit a Claim based on any Penny Arcade transactions conducted during the Class Period while you did not hold a TD Bank Account, even if you think you may also be entitled to an automatic payment for different transactions.

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18. How will my Claim be decided?

The Settlement Administrator will analyze your Claim and your supporting documents to confirm whether you are entitled to a payment. If your application is incomplete or does not establish that you are entitled to a payment, the Settlement Administrator will notify you to correct any problems with your Claim. If you fail to do so, your Claim will be denied. The Settlement Agreement provides more detail on how Claims will be decided.

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19. What happens if my claim is filed incorrectly or if I do not provide adequate documentation?

If your claim is deficient in any way, you will receive a deficiency notice that outlines the problem(s) with the claim and how to resolve them. If you wish to pursue your claim, you must follow the instructions in the notice. You may add documentation to or update your claim in order to cure the deficiencies. If you have specific questions regarding your deficiency notice or did not receive one and wish to check the status of your claim, please Contact Us.

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20. Is there a cut-off date for deficiency responses?

The letter that was sent to you provided a response due date. If you did not provide the information or necessary documents to cure your deficient claim by that date, but you still wish to pursue your claim and you believe you can provide the information to cure any deficiency, submit your response as soon as possible and we may be able to consider it. Please be advised, however, that there is no guarantee that late responses will be accepted.

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EXCLUDING YOURSELF FROM THE SETTLEMENT

If you do not want to receive benefits from the Settlement, and you want to keep the right to sue or proceed in arbitration against TD Bank about the legal issues in this case, then you must have taken steps to get out of the Settlement. This is called excluding yourself or “opting out” of the Settlement Class.

21. How do I get out of the Settlement?

The deadline to exclude yourself from the Settlement was October 27, 2017.

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22. If I do not exclude myself, can I sue or bring an arbitration against TD Bank for the same thing later?

No. Unless you excluded yourself, you give up the right to sue or bring an arbitration against TD Bank for the issues that the Settlement resolves (regardless whether you actually receive a settlement payment). You must have excluded yourself from the Settlement Class in order to try to maintain your own lawsuit or arbitration.

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23. If I exclude myself, can I still get a payment?

No. You will not get a payment or account credit if you excluded yourself from the Settlement.

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THE LAWYERS REPRESENTING YOU

24. Do I have a lawyer in the case?

The Court has appointed several lawyers to represent all Settlement Class Members as “Settlement Class Counsel.” They include:

Bruce H. Nagel Nagel Rice, LLP 103 Eisenhower Parkway Roseland, NJ 07068 Michael Criden Criden & Love, P.A. 7301 SW 57th Court, Ste 515 South Miami FL 33143 Stephen P. DeNittis DeNittis Osefchen Prince, P.C. Five Greentree Centre Suite 410 525 Route 73 N. Marlton, NJ 08053
Jeffrey Smith Wolf Haldenstein Adler Freeman & Herz, LLP 270 Madison Avenue New York, New York 10016 John Radice Radice Law Firm 34 Sunset Blvd Long Beach, NJ 08008

You will not be charged for contacting these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.

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25. How will the lawyers be paid?

Class Counsel intend to request up to $1,935,000 in attorneys’ fees. These attorneys’ fees would be in addition to the Settlement Fund. Class Counsel will also request that special service payments of up to $65,000 be paid to the thirteen Class Representatives for their service as representatives on behalf of the whole Settlement Class. The fees and service payments will be paid by TD Bank, subject to the $2,000,000 maximum. The Court will decide the amount to award. In addition, the Parties have agreed that Class Counsel can ask the Court to award up to $100,000 of litigation costs. If the Court awards litigation costs to Class Counsel, those would be paid from the $7,500,000 Settlement Fund.

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OBJECTING TO THE SETTLEMENT

26. How do I tell the Court if I do not like the Settlement?

The deadline to object to the Settlement was October 27, 2017.

The requirements to object to the Settlement are described in detail in the Settlement Agreement in paragraphs 82-83

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27. What is the difference between objecting and asking to be excluded?

Objecting is simply telling the Court that you do not like something about the Settlement. You can object to the Settlement only if you do not exclude yourself. Excluding yourself is telling the Court that you do not want to be part of the Settlement. If you exclude yourself, you have no basis to object to the Settlement because it no longer affects you.

The deadline to object to and/or exclude yourself from the Settlement was October 27, 2017.

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THE FINAL APPROVAL HEARING

The Court will hold a hearing to decide whether to approve the Settlement and any requests for fees and expenses. You may attend and you may ask to speak, but you don’t have to do so.

28. When and where will the Court decide whether to approve the Settlement?

The Court held a Final Approval Hearing on January 11, 2018 and subsequently issued its Final Approval Order on January 12, 2018.

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DISTRIBUTION

29. How should I expect to receive my payment?

If you are eligible to receive a settlement award and the award to which you are entitled is at least one cent, you will receive payment in one of three ways for each relevant Account/Claim:

If the TD Bank checking or savings account associated with your Penny Arcade Machine transactions is currently open, your settlement payment will be made via TD account credit to the associated account and will appear on your account statement.

If the TD Bank account associated with your Penny Arcade Machine transactions is closed or if you used the Penny Arcade as a non-customer but you have a valid email on file with the Settlement Administrator, your settlement payment will be made via PayPal to the email address on file. If you do not currently have a PayPal account associated with your email address on file, you will have the opportunity to create one upon notification of your settlement payment. If you do not accept your PayPal payment within 30 days of notification, the electronic payment will be voided and your settlement payment reissued via postcard check.

If the TD Bank account associated with your Penny Arcade Machine transactions is closed or ineligible for account credit (e.g. CD accounts) or if you used the Penny Arcade as a non-customer and do not have a valid email on file with the Settlement Administrator, your settlement payment will be made via postcard check. Checks will be valid for 90 days, and should not be cashed after the 90-day time period.

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30. When should I expect to receive my payment?

Payments will be made to eligible settlement class members in or around the second half of April 2018.

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31. How can I request that my check payment be reissued?

If you do not receive a check, or you lost your check, you may request a new check by emailing questions@pennyarcadesettlement.com or by writing to Penny Arcade Settlement, c/o GCG, PO Box 10470, Dublin, OH 43017-4070. Please be sure to include your full name, current and former mailing addresses, and Reference/Claim Number in the request.

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32. Can I reject my Penny Arcade Settlement payment?

There is not a process to reverse an automatic credit to your TD account, which will be calculated using a formula applied to the total dollar amount of any Penny Arcade transactions you conducted during the Class Period, based on TD Bank’s records and/or your submitted claim. This formula ultimately equated to 0.36% or 36₵ per $100 exchanged using Penny Arcade. This formula was agreed upon by the attorneys representing the Class and approved by the Court. If you receive a check or electronic (PayPal) payment rather than an account credit because your TD Bank account is no longer open, you are of course free not to accept any such payment. If you receive an electronic (PayPal) payment, you may Deny/Reject this payment via PayPal, but please note that the Settlement Administrator cannot reverse your payment once it is accepted into your PayPal account. If you receive a check payment, you may simply destroy the check rather than cashing it.

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GETTING MORE INFORMATION

33. How do I get more information?

This notice summarizes the proposed Settlement. More details are in the Settlement Agreement. For a complete, definitive statement of the Settlement terms, refer to the Settlement Agreement. You also may write with questions to the Settlement Administrator at Penny Arcade Settlement, c/o GCG, PO Box 10470, Dublin, OH 43017-4070 or call the toll-free number, 1-855-312-1974.

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