CIBC will pay $153M to settle overtime class-action lawsuit from 2007 | 24CA News
CIBC will settle a 15-year-old class-action lawsuit and pay a complete of $153 million to workers who have been uncompensated for additional time work, plaintiff legal professionals say.
Dara Fresco, a former CIBC teller and sophistication counsel, introduced the case ahead in 2007.
“It is good news for the class to have this case finally resolved,” Fresco mentioned in a assertion launched by Goldblatt Partners LLP, the Ontario regulation agency representing the CIBC workers concerned within the class motion.
“I am very happy that the case is settling. This settlement is a fair compromise that will bring meaningful compensation to thousands of my fellow class members.”
Teller Dara Fresco takes on CIBC for allegedly demanding upaid additional time. What may the case imply on your paycheque and the best way you’re employed?
The Ontario Court of Appeal final 12 months dismissed 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.
CIBC spokesperson Tom Wallis mentioned in an emailed assertion to 24CA News that the settlement will keep away from additional authorized prices and permit the financial institution to place the matter behind it.
“We believe CIBC has a clear, accessible and effective overtime policy and practices,” he wrote, noting that the corporate is pleased with the work surroundings it has created. “Where overtime is required or permitted of eligible team members, it is paid.”
The settlement have to be authorized by the Ontario Superior Court earlier than it’s going to change into binding.
‘Power in numbers,’ regulation teacher says
The settlement is a victory for staff in Canada, mentioned Daniel Tsai, a business and regulation teacher at Toronto Metropolitan University. The class motion covers a interval between 1993 and 2009.
“This decision in itself is a very positive development for workers in the sense that the settlement shows that there is power in numbers,” Tsai mentioned. “It’s also very much an important thing to have compensation for work that is done.”
Banks sometimes have “a culture of hard work and also an expectation that staff should go above and beyond because they’re driven by the profit motive,” he mentioned.
“So I think that this is an important settlement because it shows that the bank didn’t have the stomach to keep on fighting the class action.”
