CIBC Class Action Lawsuit Settlement 2024: Claim Eligibility, Payout Amount & Date

The deadline to submit a claim for the Unpaid Overtime CIBC Class Action Lawsuit Settlement concluded on March 25th, 2024. This means you can no longer submit a claim for compensation if you haven’t already done so.

Here’s a breakdown of the settlement details:

• Settlement Amount: $153 million will be used to compensate class members and cover legal fees and distribution costs.
• Claim Eligibility: The lawsuit applied to current and former retail branch employees (tellers, personal bankers, etc.) who believe they were owed unpaid overtime by CIBC.

What Happens Now (as of July 23, 2024):

• Claim Processing: CIBC has likely completed processing all submitted claims.
• Payment Determination: Individual compensation amounts will depend on factors like employment duration and overtime worked. Since the total settlement is distributed pro-rata (proportionally), the exact payout per person won’t be known until after all claims are processed.
• Estimated Payout Date: As of May 31, 2024, the estimated payout date was projected to be by the end of July 2024. Given today’s date (July 23, 2024), it’s possible that payments have already begun.

Here are some resources to check for updates:

• CIBC Unpaid Overtime Class Action Lawsuit Website: http://royoconnor.ca/news/settlement-reached-in-cibc-unpaid-overtime-class-action/ (This site may have updates on the distribution process)
• Sotos LLP Class Action Website: https://www.sotosclassactions.com/cases/unpaid-overtime-cibc/ (This site may also have updates)

If you haven’t submitted a claim: Unfortunately, as mentioned before, the deadline to participate in the settlement has passed.

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If you submitted a claim:

• Check the websites listed above for updates on the distribution process.
• You may have received a notification from the law firms involved in the lawsuit regarding the claim decision and potential payout details.
• If you haven’t received any updates and are concerned, you can try contacting the law firms involved in the lawsuit, but be aware they might be experiencing a high volume of inquiries.