CIBC agrees to settle overtime class-action lawsuit, will pay $153 million

TORONTO –

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 time beyond regulation 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 can deliver significant compensation to 1000’s of sophistication members.

CIBC spokesperson Tim 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 authorized by the Ontario Superior Court earlier than it’ll change into binding.

This report by The Canadian Press was first printed Jan. 5, 2023.