CIBC and Renaissance Mutual Fund Investors Eligible for Share of $11-Million Settlement
Investors who held CIBC or Renaissance mutual fund units on or before Sept. 5, 2025, may receive compensation from an $11-million class-action settlement over trailing commissions paid to discount brokers. Current holders will be refunded automatically, while former holders must file a claim by Nov. 18.
Investors who held units of a CIBC mutual fund or a Renaissance mutual fund on or before Sept. 5, 2025, are eligible for compensation from an $11-million class-action settlement. Renaissance Investments is a subsidiary of CIBC.
The underlying lawsuit alleged that trailing commissions were incorrectly paid out to discount brokers such as Scotia iTRADE and Wealthsimple, despite these brokers not providing personalized financial planning.
Current holders of CIBC or Renaissance mutual funds will be refunded automatically without needing to submit a claim. The refunds will be deposited into their existing mutual funds. Former CIBC mutual fund holders, however, must submit a claim form by Nov. 18 to be eligible for the settlement.
Under the plan of allocation, individual claimants could receive about $32, provided there are enough funds to pay each eligible person. The settlement does not constitute an admission of guilt by CIBC or the CIBC Trust Corporation.