The deadline to claim part of an $11-million class-action settlement involving CIBC mutual funds is only one week away. Anyone who held mutual fund units with CIBC or Renaissance Investments on or before Sept. 5, 2025, is eligible, as long as those investments were not held through a discount broker. Claims must be submitted by Nov. 18, 2026. The class-action lawsuit alleged that trailing commissions were improperly paid to discount brokers out of management fees tied to CIBC and Renaissance mutual funds. Mutual fund companies typically pay annual trailing commissions to financial advisers or brokers who oversee customer accounts. Renaissance Investments is operated by CIBC Asset Management Inc., a CIBC subsidiary. “It is alleged that the defendants breached its duties as a trustee and fiduciary because the trailing commissions paid to discount brokers are excessive, inflated and/or unearned,” a class-action notice explained. The defendants – Canadian Imperial Bank of Commerce, CIBC Trust Corporation and CIBC Asset Management – deny the allegations. The $11-million settlement is not considered an admission of liability or wrongdoing. Settlement funds will be deposited directly into the accounts of current CIBC mutual fund holders as well as current and previous Renaissance mutual fund holders. Previous CIBC mutual fund holders will need to submit a claim to receive funds, which can be done online at cibcmutualfundssettlement.com. According to a plan of allocation, eligible claimants should expect to receive about $32, although that figure could vary depending on the number claimants. Kalloghlian Myers LLP, the Toronto-based law firm that oversaw the class action, stands to earn more than $3.6 million in legal fees as part of the settlement, according to court documents. With files from CTVNews.ca National Digital Producer Tammy Ibrahimpoor
