CIBC Faces Class Action Over Mutual Fund Fees

Canadian Imperial Bank Of Commerce (TSE:CM) has released an update.

The Superior Court of Justice of Ontario has certified a class action lawsuit against CIBC Trust Corporation and Canadian Imperial Bank of Commerce, alleging the improper handling of trailing commissions paid to discount brokers from CIBC Mutual Fund trusts’ assets. Investors in the class action must opt-out by May 26, 2024, if they do not wish to participate. The case claims monetary damages but has yet to be proven, with the defendants contesting the allegations.

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