CIBC agrees to pay $153M to settle class-action lawsuit | 24CA News

CIBC has agreed to pay a complete of $153 million to settle a class-action lawsuit filed greater than a decade in the past over the financial institution’s additional time insurance policies, legal professionals for the plaintiffs say.

Dara Fresco, a former CIBC teller and sophistication counsel, introduced this case in 2007.

The Ontario Court of Appeal dismissed final yr an try by the financial institution to overturn a lower-court ruling in favour of the class-action case on behalf of about 31,000 retail financial institution workers.

Fresco says the settlement is a good compromise that may deliver significant compensation to 1000’s of sophistication members.

CIBC spokesperson Tom Wallis says the settlement will keep away from additional authorized prices and permit the financial institution to place the matter behind it.

The settlement should be authorised by the Ontario Superior Court earlier than it is going to turn out to be binding.