CIBC and Renaissance Mutual Funds Trailing Commissions Class Action
Reviewed by Marty Mikhail, Barrister & Solicitor with Quinn Thiele Mineault Grodzki LLPLast verified How we verify
Status
Claims closing soonClaim deadline
(17 days left)
About this claim
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.
See the questions the eligibility checker asks
The checker asks these questions. Use the Check Eligibility button to answer them and see a result.
- 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?This includes funds that have since been terminated, merged, or renamed.
- 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?Discount brokers are online or self-directed brokerages that do not provide investment advice; they may have had different names in the past.
- Are you still included in this class action, meaning you did not opt out?If you never filed an Opt-Out Form, answer Yes.
Read more
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.
The 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.
Claim types
This case covers more than one type of claim. Each has its own payment, proof requirements, and eligibility. Review the type that applies to you.
Streamlined claims process
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.
Payment: Proportionate share of the net settlement amount based on pre-populated trailing commissions paid
Proof: No proof needed
Who qualifies
- 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
Full claims process
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.
Payment: Proportionate share of the net settlement amount based on trailing commissions calculated from the records provided
Proof: Documents required
Who qualifies
- 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
How to Submit Your Claim
- (online portal filing is mandatory)https://www.TrailingCommissionsSettlement.ca
Claim Administrator
- Verita Global, LLC
- Phone1-888-808-8943
- Email[email protected]
- Websitehttps://www.TrailingCommissionsSettlement.ca
- MailCIBC and Renaissance Mutual Funds Discount Broker Trailing Commissions Settlement (CDBQ) c/o Verita Global, LLC P.O. Box 3355 London, ON N6A 4K3
Class Counsel
- Siskinds LLP
- Phone226-636-1615
- Email[email protected]
- Mail275 Dundas Street, Unit 1, P.O. Box 2520, London, ON N6B 3L1
- Websitehttps://www.siskinds.com/classaction/mutual-fund-trailing-commissions/
- Bates Barristers P.C.
Class members can get free help with their claim from the claims administrator listed above.
Settlement Notices
Remind me before this claim closes
Drop in your email and you'll get a reminder right away and another 7 days before the CIBC and Renaissance Mutual Funds Trailing Commissions Class Action deadline of . That's it. No account needed.
Frequently Asked Questions
How much money can I receive?
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.
What is the deadline to file a claim?
Claims, including any required supporting documents, must be received by the Administrator no later than October 21, 2026.
Do I need documents to support my claim?
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.
How will I be paid, and what if my claim is denied?
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.
What if I held funds through Questrade?
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.
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