An Ontario Superior Court of Justice approved an $11-million CIBC trailing-commissions class action settlement with a claim deadline of Nov. 18, 2026.
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An Ontario Superior Court of Justice approved an $11-million CIBC class action settlement in May that resolves claims involving trailing commissions, sometimes called trailer fees, tied to certain CIBC and Renaissance mutual fund units.
The settlement covers claims asserted on behalf of all persons, wherever they may reside or be domiciled, who held or hold units of a CIBC mutual fund trust or a Renaissance mutual fund trust other than through a discount broker on or prior to Sept. 5, 2025.
The notice says trailing commissions are intended to compensate mutual fund dealers for investment advice provided to investors, and it alleges these fees were paid to discount brokers by CIBC and CIBC Asset Management from CIBC Mutual Fund and Renaissance Mutual Fund assets.
The notice also states the settlement is not an admission of liability or wrongdoing by the defendants and is described as an efficient compromise between the parties’ disputed positions.
Eligibility includes people who previously held CIBC mutual fund units but no longer hold any, as well as people who currently hold CIBC mutual fund units and/or Renaissance mutual fund units.
For those who currently have any holdings, a portion of the net settlement amount is described as being deposited directly into their mutual funds.
The claim period ends Nov. 18, 2026, according to the settlement notice, and people who want to claim must submit their claim by that date.
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