CIBC agrees to pay $10-million to settle class action over non-sufficient funds fees
The Globe and Mail
CIBC has agreed to a $10-million settlement to resolve a class-action lawsuit regardingSummary
CIBC has reached a proposed $10-million settlement to resolve a class-action lawsuit concerning its practice of charging non-sufficient funds (NSF) fees on re-presented pre-authorized debit transactions. The period in question spans from September 21, 2020, to May 31, 2024.
The settlement was reached with the assistance of a mediator, though CIBC does not admit any liability as part of the agreement. A court hearing to officially approve the settlement is scheduled for October 19.
If the Ontario Superior Court of Justice approves the settlement, eligible class members will receive their funds via direct deposit into their bank accounts. The class action was previously certified by the court in 2024.
(Source：The Globe and Mail)