Canadian Imperial Bank Of CommerceCM
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CIBC agrees to $10M settlement in class action over NSF fees, facing legal and regulatory scrutiny.
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Canadian Imperial Bank Of CommerceCanadian Imperial Bank of Commerce and Koskie Minsky LLP jointly announced a proposed settlement of the class action over non-sufficient funds fees. The settlement, reached on June 24, 2026 after mediation, requires CIBC to pay a total of $10 million without admitting liability. The class action challenged CIBC's practice of charging NSF fees on re-presented pre-authorized debit transactions between September 21, 2020 and May 31, 2024. A court hearing is scheduled for October 19, 2026 to decide whether to approve the settlement, which would see eligible class members receive direct deposits into their bank accounts.
Canadian Imperial Bank Of CommerceCIBC agrees to $10M settlement in class action over NSF fees, facing legal and regulatory scrutiny.