You could be eligible to claim a chunk of an $11-million CIBC settlement, but time is running out for you to do so.
Approved by the Ontario Superior Court of Justice back in May, the class action settlement will resolve “claims asserted on behalf of all persons, wherever they may reside or be domiciled, who held or hold, at any time on or prior to September 5, 2025, units of a CIBC mutual fund trust or a Renaissance mutual fund trust, other than through a discount broker (“Class”).”
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CIBC Class Action Settlement
The class action involves 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. Allegedly, these fees were paid out to discount brokers by CIBC and CIBC Asset Management from the CIBC Mutual Fund and Renaissance Mutual Fund Assets.
“This Settlement is not an admission of liability or wrongdoing by the Defendants. It is an efficient compromise between the parties of their disputed positions,” reads a notice.
Am I Eligible?
You are eligible to make a claim if you previously held (but no longer hold any) CIBC mutual fund units. You are also eligible if you currently hold CIBC mutual fund units and/or Renaissance mutual fund units.
Those who previously held units can make a claim to receive compensation for their holdings. If you currently have any holdings, then a portion of the Net Settlement Amount will be deposited directly into your mutual funds.
To make a claim, you can head here. Just be sure to do it by November 18, 2026, as that’s when the claim period ends.
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