TORONTO, July 2, 2026 /CNW/ - Koskie Minsky LLP and Canadian Imperial Bank of Commerce ("CIBC") jointly announce a proposed settlement of the ongoing class action regarding non-sufficient funds fees ("NSF fees").

The class action took issue with CIBC's practice of charging NSF fees on re-presented pre-authorized debit transactions ("PADs") between September 21, 2020 and May 31, 2024. After lengthy negotiations and the assistance of a mediator, a proposed settlement agreement was reached on June 24, 2026.

A hearing will be held on October 19, 2026, where the Court will decide whether to approve the proposed settlement. Under the terms of the settlement, CIBC will pay a total of $10 million. CIBC has not admitted liability and denies liability. If the settlement is approved, CIBC will directly deposit funds into the bank accounts of eligible class members.

The class action was certified by the Ontario Superior Court of Justice on June 3, 2024. Koskie Minsky LLP has been appointed as Class Counsel.

SOURCE Koskie Minsky LLP