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CIBC Proposing C$10 Million Settlement of Non-Sufficient Finds Fees Class Action

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CIBC (CM.TO) and law firm Koskie Minsky on Thursday proposed a C$10-million settlement of the non-sufficient funds fees (NSF fees) class action.

If approved by a court at a hearing set for Oct. 19, funds will be deposited into the bank accounts of eligible class action members. CIBC has not admitted liability and denies liability, a joint statement released Thursday said.

The lawsuit challenged CIBC's practice of charging NSF fees on "re-presented pre-authorized debit transactions" (PADs) between Sept. 21, 2020 and May 31, 2024. A proposed settlement agreement was reached on June 24, 2026.

Ottawa capped NSF fees at C$10.00 last March.

Price: $161.27, Change: $-2.05, Percent Change: -1.26%

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