02:09 PM EDT, 09/23/2025 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) unit TD Securities is being sued by a former executive who alleges the firm is unlawfully trying to enforce an "overbroad" and "non-compete agreement" and breached promises about his role and contributions.

Matthew Austin, who resigned in August after serving as a director - credit trader/researcher at TD Securities, filed the complaint in a district court in New York on Monday, through his attorneys, The Ottinger Firm. He is seeking a declaration that the "restrictive covenant is unenforceable" as well as damages for "breach of contract," lost pay and "reputational harm."

Austin said he was recruited to manage a "systematic trading strategy" but was blocked from executing it after much of the trading team was dismissed.

The lawsuit alleges that the non-compete provision, which bars him from competing for 12 months without geographic limits, is "overly broad." Austin is asking for compensatory damages, attorneys' fees and a jury trial.

Toronto-Dominion Bank ( MLWIQXX ) didn't immediately respond to a request for comment from MT Newswires.

Price: 78.96, Change: -0.32, Percent Change: -0.40