TORONTO, May 18 (Reuters) - Toronto-Dominion Bank agreed to pay $41.5 million (C$49.93 million) to settle a U.S. class action lawsuit for charging excess insufficient funds fees on customer accounts, court documents showed. The settlement includes $20.75 million in cash and an equal amount in debt forgiveness. TD, Canada’s second largest lender with large operations in the United States, also agreed to pay $500,000 in expenses, the papers showed. The settlement requires a judge’s approval. The lawsuit was brought against TD in November 2018 by customers who were charged fees for insufficient funds multiple times when merchants repeated attempts to process the same transaction. A TD spokeswoman did not immediately respond to a request for comment. On May 14, court documents showed Bank of America Corp agreed to pay $75 million to settle a similar lawsuit. Separately, TD is awaiting judgment in a trial in an Ontario court in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages. (1 Canadian dollar = $0.8311) (Reporting By Nichola Saminather; Editing by Nick Zieminski) Our Standards: The Thomson Reuters Trust Principles.