Individuals and institutions that traded eligible U.S. Treasury securities between April 3, 2018, and May 14, 2019, may qualify to receive part of a $4.7 million TD Securities settlement.
Overview of the TD Securities Settlement
TD Securities (USA) LLC has agreed to pay $4,707,332 to settle criminal charges tied to spoofing and layering in the U.S. Treasuries market. The company admitted to manipulating Treasury prices to create false supply and demand signals for its own benefit.
The U.S. Department of Justice (DOJ), Criminal Division, Fraud Section is handling the victim compensation process under a deferred prosecution agreement.
Who Can File a Claim?
You may be eligible if you bought or sold eligible U.S. Treasuries—identified by their CUSIP numbers—between April 3, 2018, and May 14, 2019.
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- Individual investors
- Corporations, trusts, and pension funds
- Estates or legal representatives of deceased investors
U.S. citizenship is not required to participate in the settlement.
If filing on behalf of someone deceased, you must submit the claim in their name and include:
- Proof of death
- Documentation confirming authority to represent the estate
Attorneys filing claims on behalf of clients must attach a signed, sworn authorization statement.
Eligible U.S. Treasury Securities
The settlement covers various U.S. Treasury notes and bonds, identified by CUSIP. Examples include:
- 30-Year T-Bond: 912810SA7, 912810SC3, 912810SD1, 912810SE9, 912810SF6, 912810SH2
- 10-Year T-Note: 9128283W8, 9128284N7, 9128284V9, 9128285M8, 9128286B1, 9128286T2
- 5-Year T-Note: 9128284D9, 9128284S6, 9128284U1, 9128284X5, 9128285D8, 9128285K2, and others
- 7-Year T-Note: 9128284F4, 9128284R8, 9128285J5, 9128286A3, 9128286F2, and others
- 2-Year T-Note: 9128284J6, 912828XY1, 9128284Y3, 9128285B2, and others
- 3-Year T-Note: 9128284T4, 9128286H8
A complete list of eligible CUSIPs is available on the official settlement website.
How Much Will Class Members Receive?
The total TD Securities settlement fund is $4,707,332, distributed on a pro rata basis.
Each claimant’s payout is based on their recognized loss—calculated as follows:
(Claimant’s recognized loss ÷ Total recognized losses) × $4,707,332
If a claimant has already received restitution or other compensation for the same loss, that amount will be deducted.
How to File a Claim
You can submit your claim online or download and mail the petition form.
Deadline: January 29, 2026
Mailing Address:
USA v. TD Securities (USA) LLC
c/o Epiq
P.O. Box 2691
Portland, OR 97208-2691
Email: Info@TDVictimCompensation.com
If your claim is flagged as incomplete, you’ll have 30 days from the date of notice to correct it. Claims not corrected in time may be denied.
Required Documentation
To verify your claim, you must provide:
- Trade confirmations or transaction statements showing trade date, CUSIP, price, and total value
- Bank or account statements listing relevant transactions
- Proof of death (if filing for a deceased person)
- Legal documents verifying representation or name change (if applicable)
- A signed authorization if filed by an attorney
Payments will be issued via paper check once claims are verified.
Key Dates
- Claim filing deadline: January 29, 2026
- Payment timeline: Disbursement will occur after all claims are reviewed and approved, which may take over a year.
Why the TD Securities Settlement Happened
Between April 2018 and May 2019, TD Securities engaged in hundreds of spoofing and layering incidents that distorted Treasury market prices. The company’s manipulative trading created false impressions of market activity.
As part of its deferred prosecution agreement, TD Securities agreed to:
- Pay $4.7 million in victim compensation
- Pay a $9.4 million criminal penalty (double the market loss)
- Forfeit $1.4 million, with $400,000 credited toward SEC disgorgement
