{"settlement":{"id":"cibc-renaissance-mutual-funds-trailing-commissions-2025","slug":"cibc-renaissance-mutual-funds-trailing-commissions-2025","title":"CIBC and Renaissance Mutual Funds Trailing Commissions Class Action","category":"Investment and Securities","status":"Claims open","tags":{"industry":["Banking and financial services","Securities and investments"],"geographic":["Canada-wide"],"recoveryType":["Cash payment"],"documentation":["No documentation required","Account records required","Other documentation"],"eligibilityTrigger":["Owned a security or investment"]},"classDefinition":"All persons, wherever they may reside or be domiciled, who held or hold units of a CIBC Mutual Fund or a Renaissance Mutual Fund through a discount broker at any time from September 18, 2003 to January 25, 2024, except for Excluded Persons. Excluded Persons include the Defendants, CIBC Asset Management Inc., their related entities and personnel, members of the funds' independent review committees, and anyone who validly opted out of the class action.","plainLanguageSummary":"If you held units of a CIBC Mutual Fund or a Renaissance Mutual Fund through a discount broker between September 18, 2003 and January 25, 2024, you may be eligible for a cash payment from a $26 million settlement based on the trailing commissions paid on your funds.","eligibilityCriteria":[],"recoveryRange":"Proportionate share of the net settlement amount based on trailing commissions paid, with a minimum payment threshold of $25","filingInstructions":"Check your email and mail for a letter from the Administrator with a username and password for the streamlined claims process.\nIf you received login credentials, sign in to the online claims portal at https://www.TrailingCommissionsSettlement.ca and review the pre-populated trailing commissions information; you can rely on it without providing any supporting documents.\nIf you did not receive login credentials, file a claim through the online claims portal at https://www.TrailingCommissionsSettlement.ca and follow the step-by-step instructions.\nFor a claim under the full claims process, gather supporting documents such as brokerage statements, holdings summaries, or transaction records showing the market value of your fund units on at least annual intervals, and attach them to your claim.\nProvide your contact information and payment details (an address for a cheque or e-transfer details).\nSubmit your claim no later than October 21, 2026. If you cannot file online, contact the Administrator to obtain a paper Claim Form and submit it by mail or courier by the same deadline.","caseBackground":"This class action alleged that CIBC and CIBC Trust Corporation paid trailing commissions to discount brokers out of the management fees charged to CIBC Mutual Funds and Renaissance Mutual Funds. Trailing commissions are ongoing payments normally meant to compensate brokers for advice, but discount brokers do not provide investment advice. The lawsuit claimed these payments were excessive, inflated or unearned, and that the Defendants breached their duties as trustees and fiduciaries and made misrepresentations about the payments. The Defendants deny all of the allegations.\n\nThe Ontario Superior Court of Justice approved a $26 million settlement on November 5, 2025. After court-approved deductions for legal fees, litigation funding, notice and administration costs, and an honorarium, the remaining money will be distributed to class members who file valid claims. Each eligible claimant receives a proportionate share based on the trailing commissions paid to their discount broker on the CIBC or Renaissance mutual fund units they held. Claims must be filed by October 21, 2026.","administratorName":"Verita Global, LLC","administratorContacts":[{"type":"phone","label":"","value":"1-888-808-8943"},{"type":"email","label":"","value":"cibc@TrailingCommissionsSettlement.ca"},{"type":"online","label":"","value":"https://www.TrailingCommissionsSettlement.ca"},{"type":"mail","label":"","value":"CIBC and Renaissance Mutual Funds Discount Broker Trailing Commissions Settlement (CDBQ) c/o Verita Global, LLC P.O. Box 3355 London, ON N6A 4K3"}],"administratorRole":"claims","agentName":"","agentContacts":[],"agentClaimFormHelp":false,"classCounselName":"Siskinds LLP, Bates Barristers P.C.","classCounselContacts":[{"type":"phone","label":"","value":"226-636-1615"},{"type":"email","label":"","value":"gigi.pao@siskinds.com"},{"type":"mail","label":"","value":"275 Dundas Street, Unit 1, P.O. Box 2520, London, ON N6B 3L1"},{"type":"online","label":"","value":"https://www.siskinds.com/classaction/mutual-fund-trailing-commissions/"}],"classCounselFirms":[{"name":"Siskinds LLP","region":"","contacts":[{"type":"phone","label":"","value":"226-636-1615"},{"type":"email","label":"","value":"gigi.pao@siskinds.com"},{"type":"mail","label":"","value":"275 Dundas Street, Unit 1, P.O. Box 2520, London, ON N6B 3L1"},{"type":"online","label":"","value":"https://www.siskinds.com/classaction/mutual-fund-trailing-commissions/"}]},{"name":"Bates Barristers P.C.","region":"","contacts":[]}],"submissionMethods":[{"type":"online","label":"(online portal filing is mandatory)","value":"https://www.TrailingCommissionsSettlement.ca"}],"sourceDocuments":[{"url":"/uploads/c253b648c2806ea57ac69376-v5_cdbq_longnotice_en_040726_final.pdf","title":"Notice to Class Members"},{"url":"/uploads/90b22d189de3436012f22609-distribution_protocol_en__1_.pdf","title":"Additional Settlement Document 1"},{"url":"/uploads/92994fd0b50eecf42809c989-guide_distribution_protocol_en__1_.pdf","title":"Additional Settlement Document 2"},{"url":"/uploads/c880b55fd11195550964eb5d-v4_cdbq_longnotice_fr_040726_final.pdf","title":"Avis aux membres du groupe"},{"url":"/uploads/1661f2c73a4e1ba6e1ee5696-distribution_protocol_fr_unofficial_translation.pdf","title":"Document supplémentaire 1"},{"url":"/uploads/dceef9baafae001e3379e6e2-guide_distribution_protocol_fr_unofficial_translation.pdf","title":"Document supplémentaire 2"}],"shortFormNoticeUrl":"/uploads/ef85de4cb42ae79057b9243d-v3_cdbq_shortnotice_en_040726_final.pdf","longFormNoticeUrl":"/uploads/c253b648c2806ea57ac69376-v5_cdbq_longnotice_en_040726_final.pdf","settlementAgreementUrl":"","claimFormDocumentUrl":"","claimForms":[],"claimFormsButtonLabel":"claim-form","claimFormsUnavailable":true,"claimFormsUnavailableReason":"The administrator requires claims to be filed online through its claims portal. A paper form is only issued in exceptional circumstances, such as having no internet access; contact the administrator to request one.","claimFormGuides":[],"additionalDocuments":[],"optOutFormUrl":"","optOutInstructions":"","objectionFormUrl":"","objectionInstructions":"","faqs":[{"answer":"Payments depend on the trailing commissions paid to your discount broker on your CIBC or Renaissance mutual fund units. Each approved claimant receives a proportionate share of the net settlement amount, and no payment is made where the entitlement is $25 or less. Amounts for Renaissance Mutual Funds are reduced to one fifth to reflect higher litigation risk on those claims.","question":"How much money can I receive?"},{"answer":"Claims, including any required supporting documents, must be received by the Administrator no later than October 21, 2026.","question":"What is the deadline to file a claim?"},{"answer":"If the Administrator received your information from the Defendants, you will get login credentials for a pre-populated online claim and will not need to provide any supporting documents. Otherwise, you will need documents such as brokerage statements, holdings summaries, or transaction records showing the market value of your fund units on at least annual intervals.","question":"Do I need documents to support my claim?"},{"answer":"Payments are made in Canadian dollars by cheque or e-transfer. If your claim is denied in its entirety, you can ask the Administrator to reconsider within 45 days of the denial notice, and if it is still denied you have a final right of appeal to a court-appointed arbitrator. There is no reconsideration or appeal where the disputed trailing commissions would be less than $500.","question":"How will I be paid, and what if my claim is denied?"},{"answer":"Trailing commissions on CIBC or Renaissance mutual fund units held through Questrade from 2009 onwards are deemed to be zero, so no compensation is paid for that period. You can still receive compensation for units held through Questrade before 2009, or through other discount brokers.","question":"What if I held funds through Questrade?"}],"eligibilityChecker":{"questions":[{"id":"held-fund-units","text":"Did you hold units of a CIBC Mutual Fund or a Renaissance Mutual Fund at any time between September 18, 2003 and January 25, 2024?","type":"yes_no","helpText":"This includes funds that have since been terminated, merged, or renamed.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"held-through-discount-broker","text":"Did you hold those fund units through a discount broker, such as CIBC Investor's Edge, TD Direct Investing, RBC Direct Investing, Questrade, or Wealthsimple?","type":"yes_no","helpText":"Discount brokers are online or self-directed brokerages that do not provide investment advice; they may have had different names in the past.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"did-not-opt-out","text":"Are you still included in this class action, meaning you did not opt out?","type":"yes_no","helpText":"If you never filed an Opt-Out Form, answer Yes.","qualifyingAnswer":"yes","criticalForEligibility":true}],"uncertainMessage":"Some of your answers were Not sure, so we could not confidently determine your eligibility.","qualifyingMessage":"Based on your answers, you appear to fall within the class definition for this settlement.","nonQualifyingMessage":"Based on your answers, you do not appear to fall within the class definition for this settlement."},"claimCategories":[{"id":"streamlined-claims-process","name":"Streamlined claims process","description":"For class members whose discount broker information was provided to the Administrator by the Defendants. The Administrator sends these class members a username and password, and their trailing commissions amount is pre-populated in the online claim.","recoveryType":["Cash payment"],"documentation":["No documentation required"],"recoveryRange":"Proportionate share of the net settlement amount based on pre-populated trailing commissions paid","eligibilityChecker":null,"eligibilityCriteria":["You received an email or letter from the Administrator with a username and password for the online claims portal","Your trailing commissions information was pre-populated based on information provided by the Defendants"]},{"id":"full-claims-process","name":"Full claims process","description":"For class members who did not receive a pre-populated claim notice, or who want to expand or correct their pre-populated claim. Claimants must provide records showing the market value of their fund units, on at least annual intervals, for the period they held the units.","recoveryType":["Cash payment"],"documentation":["Account records required"],"recoveryRange":"Proportionate share of the net settlement amount based on trailing commissions calculated from the records provided","eligibilityChecker":null,"eligibilityCriteria":["You did not receive a pre-populated claim notice, or you wish to expand your claim to a period not covered by it, or you object to the pre-populated amount (only if your trailing commissions would increase by at least $500)","You can provide supporting documents such as brokerage statements, holdings summaries, or transaction records showing the aggregate market value of your fund units on at least annual intervals"]}],"proceedings":null,"relatedSlugs":[],"group":null,"cardSummary":"If you held CIBC or Renaissance mutual funds through a discount broker like Questrade, Wealthsimple, or TD Direct Investing between 2003 and 2024, you may be able to claim from a $26 million settlement.","proofRequired":"","claimTime":"","claimAmount":"","coverageStartDate":"2003-09-18","coverageEndDate":"2024-01-25","deadline":"2026-10-21","optOutDeadline":"","objectionDeadline":"","approvalHearingDate":"","approvalHearingDates":[],"approvalPending":false,"seriousHarmEnabled":false,"formHelperEnabled":false,"dateAdded":"2026-08-19","lastUpdated":"2026-09-06","firstPublishedAt":"2026-08-20 02:33:56","claimsOpenedAt":"2026-08-20 02:33:56","lastVerifiedAt":"2026-08-19","languages":["en","fr"]}}