The deadline to cash in on a massive Canadian Imperial Bank of Commerce (CIBC) settlement is just three days away. Last year, the Canadian financia...
The deadline to cash in on a massive Canadian Imperial Bank of Commerce settlement is just three days away.In 2007, retail branch employees in Toronto alleged they were being made to work overtime without pay. Legal proceedings have been ongoing since, with the last update in July 2023, when an Ontario court approved the $153 million settlement.
The former CIBC bank teller who brought the case back in 2007 is happy with these results."This settlement is a fair compromise that will bring meaningful compensation to thousands of my fellow class members," said Dara Fresno.
CIBC is expected to pay approximately 30,000 former and current frontline retail workers to cover unpaid overtime, legal fees and the cost of the money's distribution. The Class Counsel said that a significant advantage of this settlement is that class members won't have to prove their claims. It would have been challenging since some claims may arise from things that happened several decades ago.
"We believe that this settlement will put more money into more class members’ hands, a lot sooner than would happen if the case continued to be fought," the Class Counsel noted., class members' payments will vary and be calculated based on the person's tenure with CIBC, their average hourly wage in the position they held and any applicable limitation period.
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