The Canadian Imperial Bank of Commerce has agreed to a proposed $10 million settlement in a class-action lawsuit alleging it improperly charged customers repeated non-sufficient funds (NSF) fees on the same failed pre-authorized debit transactions.
CIBC announced the proposed settlement jointly with law firm Koskie Minsky LLP, which is representing lead plaintiff Sarah Louise Campbell on behalf of class members.
The class action is concerned with duplicate NSF fees charged on preauthorized debit transactions that took place between Sept. 21, 2020, and May 31, 2024. The lawsuit was certified by the Ontario Superior Court of Justice on June 3, 2024.
CIBC and law firm Koskie Minsky arrived at a proposed settlement on June 24, 2026, following negotiations with a mediator, according to a July 2 news release….