CIBC Class Action 2024: Eligibility and Payment Details for Settlement Claims

Updated on February 28, 2024

Learn about the CIBC Class Action Lawsuit 2024: Who Qualifies for Settlement, Payment Dates, and Eligibility. If you’re an affected CIBC employee, all the case details are available in this article.

CIBC Class Action Lawsuit 2024

The company faced a one-year prohibition for violating working hour regulations. The Canadian Imperial Bank of Commerce received a remediation order due to a data breach in its mortgage portfolio, exceeding borrower limits. The lawsuit claims the company neglected to compensate employees for overtime work, with around 30,000 individuals filing against unpaid overtime and lack of incentives for extra hours worked beyond the regular schedule.

The Case

The company has faced multiple settlement actions, often for failing to compensate employees for overdue work. Despite overtime rules requiring advance notice, former employees claim ignorance of this regulation and were compelled to work, with non-attendance being compensable.

The Ontario Superior Court of Justice, led by Justice Edward Belobaba, has favored the plaintiff in the settlement class, directing the company to pay the settlement claim for employees along with an additional penalty as incentive. Despite this, the company has filed an appeal, and the final verdict is expected in September 2024.

Who Can Claim Settlement Amount?

The court has approved a $131 million compensation for class members and defendants, pending finalization, with potential adjustments due to the company’s appeal. Eligible members, including full-time or part-time CRA, assistant branch manager, FSR, FRA, brand ambassadors, or front-line customer service employees at retail CIBC branches nationwide, are automatically part of the settlement. Claimants must be habitual residents, provide work documents, and include address and rank details. Those with common shares need to furnish stock prices and related documents. The certified case is open to class members from the retail branches, and defendants must submit salary slips and work hour details for the lawsuit.

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CIBC Class Action Lawsuit Payment Dates 2024

The case is progressing with trials, and the upcoming verdict is expected in September 2024. Claimants can anticipate the schedule and disbursement details to be announced post the final verdict, with funds likely distributed by the end of September.

Key Timeline:

  • 27th February 2023: The online hearing through Zoom covered settlement approval, distribution, and fee approval.
  • 3rd March 2023: The court requested written statements regarding the class council’s motion for fee approval and penalty disbursement.
  • 5th July 2023: The court approved a $153 million settlement as fair and reasonable.
  • 25th September 2023: Class members received notices with claim IDs and PINs, advising them to apply with related documents.

The deadline for applying and joining the settlement is 31st March 2024. Employees are urged to stay updated and apply early, considering the case’s progress or potential for the next trial. The settlement amount distribution will occur in two phases, with 70 percent of applicants receiving funds in the first phase and the remaining in the second.

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