CIBC settlement claims deadline is Nov. 18

CIBC has agreed to an $11 million settlement in a class-action lawsuit over commissions paid to discount brokers for mutual funds.

The lawsuit alleged the commissions were excessive or unearned because discount brokers generally provide order-execution services, not personalized investment advice.

CIBC and its affiliates denied wrongdoing, and settling the case does not amount to an admission of liability.

Investors who qualify generally held eligible mutual funds outside discount brokerage accounts, starting on or before Sept.

5, 2025.

Former CIBC fund holders who no longer hold those investments must claim by Nov.

18, 2026; current CIBC and Renaissance fund holders are to be compensated automatically.

The potential payment is about $32 per claim, if there is enough money after legal and administrative costs are deducted.

Eligible former holders who file a claim will be paid by cheque or e-transfer where applicable.