If you traded certain U.S. Treasury notes or bonds between April 3, 2018, and May 14, 2019, you may be eligible for a payout from the $4.7 million TD Securities victim compensation fund. This program is overseen by the U.S. Department of Justice (DOJ) and administered by Epiq Class Action & Claims Solutions, Inc.
This guide breaks down what happened, who qualifies, how compensation works, and how to file—fast.
Why This Settlement Exists?
Between 2018 and 2019, TD Securities (USA) LLC engaged in spoofing and layering—placing and canceling orders to create a false sense of supply and demand in the U.S. Treasuries market.
According to the DOJ, TD’s conduct:
Manipulated the market for various U.S. Treasury securities
Artificially moved prices to benefit TD
Impacted investors who bought or sold the affected securities
TD entered into a Deferred Prosecution Agreement (DPA) on Sept. 29, 2024, admitted to the conduct, and agreed to pay $4,707,332 to compensate eligible victims.
Who Qualifies?
You may qualify if you:
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Bought or sold one or more eligible U.S. Treasury securities (identified by specific CUSIPs)
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Traded between April 3, 2018, and May 14, 2019 (inclusive)
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Are an individual or institution (trusts, estates, pension plans, corporations, etc.)
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Are located anywhere in the world — U.S. residency is not required
You may file on your own behalf or on behalf of another person, including a deceased individual (with documentation).
Eligible securities include certain 30-year T-Bonds, 10-year, 7-year, 5-year, 3-year, and 2-year T-Notes (full CUSIP list available on the official settlement website).
How Much Can You Get?
Payments are pro rata, meaning your share depends on your trading activity and total eligible losses submitted.
Here’s how the formula works:
(Your Recognized Loss ÷ Total Recognized Losses of All Claimants) × $4,707,332
Important notes:
You must disclose any compensation received from other sources (SEC actions, restitution, etc.)
Those amounts will be deducted from your recognized loss
Your Options
| Option | What It Means |
|---|---|
| Submit a Petition by Jan. 29, 2026 | Only way to receive a payment |
| Do Nothing | You will not receive any money from the fund |
How to File?
You can file online or download and mail/email your petition form using the link on the official website.
You must include documentation, such as:
Trade confirmations
Account statements showing CUSIP, trade dates, prices, and quantities
Documents verifying estate representation (if applicable)
Proof of name changes (if applicable)
Signed authorization if filing through an attorney
If your claim is flagged as incomplete, you’ll have 30 days to fix it.
All payments will be issued by check.
Contact Information:
USA v. TD Securities (USA) LLC
c/o Epiq
PO Box 2691
Portland, OR 97208-2691
[email protected]
Submit your petition before January 29, 2026 to be considered for payment.
→ Submit Your Claim Here
