Ex-Trader Sues TD Bank Over One-Year Non-Compete Agreement
(Bloomberg)-A former Toronto-Dominion Bank Credit Trader who resigned in August filed a lawsuit to declare an improper non-competitive agreement and claimed that the bank had violated the promise of allowing an algorithmic strategy.
Matthew Austin filed a lawsuit against the Federal Court in New York on Monday against the Canadian Bank’s US securities branch. Although Toronto-Dominion violated the conditions of the agreement he attended in February 2024, he claimed that he was trying to implement the “excessive explosion ..
According to the complaint, Austin was taken to Toronto-Dominion under a clear words that a trade strategy will be allowed to implement a trade strategy on a “algorithms, models and alpha signals” to be carried out through the bank’s sales and commercial desk. However, one week after the strategy was launched in April 2025, he claims that more than half of the table was fired.
The new table president told Austin’s colleagues not to manage the strategy because he said, “He knew where the market went” and other members of the team were “not purchased”.
Toronto-Dominion spokesman refused to comment on the case. A lawyer for Austin did not respond to a phone message looking for more comments.
After closing the Toronto-Dominion strategy in July, Austin claims that he refused to explain how to pay the bank and told him the “trust” management. When Austin discusses resignation, they claim that they wanted their managers to stay at first. However, they later rejected the request of his team to execute his strategy and told him that his employment was “buy or leave”.
Following the resignation of August 25, Toronto-Dominion tried to implement those who do not compete, “prevented him from maintaining his living in the financial industry” and “income, postponed compensation, health scope costs and reputation damage”.
Every day he is unemployed, Austin said, “Skill set worsees because of the fast -paced, developing nature of the quantitative financial field.”
According to Austin’s LinkedIn profile, he became the Vice President of the Credit Trade at Goldman Sachs Group Inc. from June 2021 to January 2024. In bioistatistics, Austin also worked at the Numerical Investors who were purchased by Ajo Partners and MAN Group PLC in 2014, which were previously closed in 2020 and in 2014.
Case Austin V TD Securities (USA) LLC, 25-CV-7866, US Regional Court, the southern region of New York.
(Complaints, updates with additional details from biographical information.)
There are more stories like this Bloomberg.com
