Welcome to our comprehensive guide on the CIBC class action lawsuit settlement. In this article, we’ll delve into the details of the settlement, including who is eligible to claim, how much you might receive, and the distribution process. This settlement stems from a legal dispute dating back to 2007, when retail branch employees in Toronto alleged they were being made to work overtime without pay. After years of legal proceedings, an Ontario court approved a $153 million settlement in July 2023.
Who Is Eligible to Claim?
If you were a full-time or part-time CIBC assistant branch manager, ambassador, or other frontline customer service employee working at the bank’s retail branches across Canada from February 1, 1993, to June 18, 2009, you are automatically included in the class action. This includes approximately 30,000 former and current frontline retail workers.
How to Submit a Claim
While you are automatically included in the class action, you must still submit a claim to receive compensation. The deadline to submit a claim is March 25, 2024. To do so, visit the official claim submission page provided by the Class Counsel.
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Settlement Distribution
Payments to class members will vary based on their tenure with CIBC, their average hourly wage in the position they held, and any applicable limitation period. After the claim deadline on March 25, the payments will be distributed in two parts.
- First Distribution: Class members will receive a cheque consisting of 70% of their relative share.
- Second Distribution: The remaining 30% of their relative share will be distributed at a later date, which has not yet been specified in the documents.
- For More info on: Distribution Protocol
The CIBC class action lawsuit settlement represents a significant step towards compensating frontline retail workers for unpaid overtime. If you are eligible, ensure you submit your claim before the March 25, 2024, deadline to receive your share of the settlement. This settlement is a result of years of legal battles and is aimed at providing fair compensation to those affected.
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