If you use CIBC, you could be eligible to claim some money from a $26-million class-action settlement.
The settlement was approved by the Ontario Superior Court of Justice on Friday. CIBC and CIBC Trust Corporation are now responsible in paying out millions, which could include you.
RELATED:
- Canadians Who Bought Cars Between 1998 And 2017 Could Be Eligible For Compensation
- B.C. Teen Awarded $1.8M After Being Concussed By A Metrotown Mall Cop
- The Vancouver Aquarium Is Going Cashless And People Are Divided
CIBC Mutual Funds and Renaissance Mutual Fund Class-Action
The class-action has to do with trailing commissions. Trailing commissions, also known as trailer fees, are paid on mutual funds. These are intended to compensate mutual fund dealers for investment advice that they provide to investors. According to Siskinds, these trailing commissions were also paid to discount brokers over time.
Notably, discount brokers are not allowed to provide investment advice. The plaintiffs allege that these investors receive no value for the trailing commissions that reduce the value of their mutual fund investments as no advice is provided to investors who purchase mutual funds through discount brokers.
Am I Eligible?
The settlement is directed to “all persons, wherever they may reside or be domiciled, who held or hold units of a CIBC Mutual Fund or a Renaissance Mutual Fund through a discount broker… from September 18, 2003 to January 25, 2024.”
You can only make a claim with this settlement if you are a someone who held units of a CIBC Mutual Fund trust or a Renaissance Mutual Fund through a discount broker. There is a separate settlement if you held units of a CIBC Mutual Fund or a Renaissance Mutual Fund other than through a discount broker, like an investment advisor.
The deadline to file a claim for compensation is October 21, 2026.
