Some Canadians who invested in CIBC and Renaissance mutual funds may now be eligible for compensation as part of an $11-million class-action settlement approved by the court.
Who may be eligible?
According to the court-approved notice, the settlement applies to people who held units of a CIBC Mutual Fund or Renaissance Mutual Fund on or before Sept. 5, 2025, as long as those investments were not held through a discount broker. A separate settle process for those with discount brokers is underway, the notice stated.
What was the lawsuit about?
The lawsuit alleged that trailing commissions were paid to discount brokers out of management fees tied to the mutual funds.
“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,” the notice stated.
The defendants, Canadian Imperial Bank of Commerce, CIBC Trust Corporation and CIBC Asset Management, denied the allegations. The settlement is not considered an admission of liability or wrongdoing.
Do you need to file a claim?
People who currently hold CIBC mutual fund units do not need to submit a claim. Instead, part of the settlement money will be deposited directly into those mutual funds.
People who currently hold or previously held Renaissance mutual fund units also do not need to file a claim because compensation will be deposited directly into existing Renaissance mutual funds.
However, former holders of CIBC mutual fund units who no longer own the funds must submit a claim form to receive compensation.
Claims must be submitted by Nov. 18, 2026.
