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by Mike Caswell

Vancouver resident Pearl Cheng has filed a lawsuit in the Supreme Court of British Columbia against TD Waterhouse Canada Inc., claiming that the firm improperly took $260,407 (U.S.) and $34,829 (Canadian) from her accounts. She says that TD also allowed unauthorized trades in her account and charged her excessive fees. Ms. Cheng is seeking a judgment for her losses.

The allegations are contained in a brief notice of claim that Ms. Cheng filed at the Vancouver courthouse on Aug. 24, 2023. The case arises from transactions in accounts that Ms. Cheng held at TD through a branch on West 41st Avenue in Vancouver. Ms. Cheng claims that she held a U.S. dollar that should have a balance of $260,407 (U.S.) and a Canadian dollar that should have a balance of $27,358 (Canadian).

The problem, as described by Ms. Cheng, occurred on March 14, 2022, when TD "suddenly reduced" the balance in her U.S. dollar account to nil. The firm also reduced the balance on her Canadian dollar account, bringing it down to a negative amount of $7,471, Ms. Cheng claims. She says that the reductions occurred without her sustaining any trading losses, withdrawing money or "receiving the benefit of those funds in any way."

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