Find out the details about the CIBC Class Action Lawsuit 2024: Who Can Claim Settlement Amount? Payment Dates and Eligibility here. Affected employees can learn all about the CIBC Class Action Lawsuit in this article.
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CIBC Class Action Lawsuit 2024
The firm has been under a prohibition period for about a year due to violations of working hours regulations. The Canadian Imperial Bank of Commerce has been under a remediation order following a data breach involving its mortgage portfolio, which included exceeding the borrowing limits for clients.
The case alleges that the company failed to compensate employees for overtime work. Employees were routinely required to complete work schedules beyond regular working hours without receiving overtime pay or incentives. According to the latest updates, around 30,000 employees have filed a lawsuit against the company.
The Case
The company has faced multiple settlement actions due to frequent allegations of failing to compensate employees for overtime work. According to defined overtime rules, employees should be informed of overtime requirements in advance. However, former employees reported that they were not made aware of these regulations and were compelled to work mandatory overtime, with non-attendance resulting in penalties.
Ontario Superior Court of Justice Edward Belobaba has overseen the settlement proceedings. The court ruled in favor of the plaintiffs, instructing the company to pay the settlement claims with additional penalties. However, the company has filed an appeal, and the court will announce the final verdict in September 2024.
Who Can Claim Settlement Amount?
The court has determined a compensation fund of $131 million for class members and defendants in the ongoing case. While the case is still pending finalization and the amount may be adjusted due to an appeal by the company, the compensation is expected to reflect the work done within the company.
Class members automatically included in this settlement are those who were full-time or part-time CRA, assistant branch managers, FSR, FRA, brand ambassadors, or front-line customer service employees at retail CIBC branches across the country.
To qualify for the settlement, claimants must be habitual residents of Canada and provide documentation of their employment with the company. This includes their address, job title, and any relevant details about stock ownership and share prices.
The case has been certified, and retail branch employees are eligible for the settlement. Defendants are required to provide salary slips and details of working hours as part of the lawsuit.
How to Claim for CIBC Securities Settlement?
To claim the CIBC Securities Settlement:
- Verify Eligibility: Confirm that you meet the criteria for eligible claimants as outlined in the settlement agreement.
- Obtain the Claim Form: Access the official claim form from the settlement administrator’s website or through communications sent to eligible investors.
- Complete the Form: Accurately fill out the claim form with details of your investment in CIBC securities for the period covered by the settlement.
- Include Documentation: Attach any required documentation, such as proof of purchase or ownership of CIBC securities, along with your claim form.
- Submit Your Claim: Send your completed claim form and supporting documents by the specified deadline, following all guidelines.
- Claim Review: Your claim will be reviewed and verified by the claims administrator for validity.
- Receive Compensation: If approved, compensation will be provided as outlined in the settlement agreement on the designated payout date.
- Stay Informed: Keep up with any updates regarding the settlement process and any additional actions required from you.
CIBC Class Action Lawsuit Payment Dates 2024
The case is progressing, with the next verdict expected in September 2024. Claimants should anticipate that the schedule for disbursement will be announced after this verdict, with payments likely by the end of September. The key dates for the case are outlined below:
- 27th February 2023: The hearing was held online via Zoom for settlement approval, distribution, and fee approval.
- 3rd March 2023: The court requested written statements regarding the class council’s motion for fee approval and the distribution of the penalty amount.
- 5th July 2023: The court approved $153 million as a fair and reasonable settlement amount.
- 25th September 2023: Notices were sent to class members with claim IDs and PINs, advising them to apply for the settlement and provide required documents.
The final date to apply for and be included in the settlement is 31st March 2024. Employees are encouraged to check for updates and apply as soon as possible, as the case may be concluded or proceed to the next trial phase. The settlement distribution will occur in two phases: in the first phase, 70% of the settlement will be distributed, with the remaining amount to be disbursed in the second phase.
