If you once owned CIBC mutual funds and have since sold them, you have until November 18, 2026 to file a claim in an $11-million class action settlement.
If you still hold CIBC funds, or you hold or held Renaissance funds, you don’t need to do anything. Your share goes into the funds automatically.
The Ontario Superior Court of Justice approved the settlement with Canadian Imperial Bank of Commerce and CIBC Trust Corporation on December 22, 2025. It covers eligible investors “wherever they may reside,” so Albertans are included. You don’t have to be a CIBC banking customer, and closing your account or switching banks doesn’t take you out of the class.
The one thing that matters is how you held the funds.
Why CIBC is paying
The case is about trailing commissions.
When you own a mutual fund, you pay management expenses that come out of the fund’s assets. Part of that money goes to the dealer that sold you the fund as an ongoing commission, meant to pay for the advice the dealer gives you.
Discount brokerages, the self-directed platforms where you pick your own investments, aren’t allowed to give advice. For years, they collected the commission anyway.
The lawsuit alleged that CIBC and CIBC Asset Management paid those commissions to discount brokers out of fund assets. Because the money came out of the fund itself, every investor in the fund was paying for it, including people who bought through an advisor and never touched a discount broker. That’s why this settlement covers advisor-channel investors.
Canadian securities regulators banned trailing commissions to discount brokers as of June 1, 2022.
CIBC settled without admitting liability or wrongdoing.
Two settlements, one question: how did you buy?
There are two CIBC settlements, and they cover different people.
The $11-million settlement is for investors who held CIBC or Renaissance mutual fund units at any time on or before September 5, 2025, through an advisor, a branch or any channel other than a discount broker. This is the one with the November 18 deadline.
The $26-million settlement was for investors who held the funds through a discount brokerage between September 18, 2003 and January 25, 2024. Its claim deadline was October 21, 2026, and it has closed.
If you held funds both ways, you may have been eligible under both, for different holdings.
Do you need to file?
| Your situation | Do you file? |
|---|---|
| You used to hold CIBC mutual funds and no longer own any | Yes, by November 18, 2026 |
| You still hold CIBC mutual fund units | No. Money is deposited into the funds. |
| You currently hold Renaissance mutual funds | No |
| You previously held Renaissance mutual funds | No |
| You held both CIBC and Renaissance funds | You may qualify for both, but you must file for former CIBC holdings if you no longer own any CIBC units |
The class covers holdings “at any time” on or before September 5, 2025. Someone who bought CIBC funds through an advisor in 2015 and sold everything in 2020 can still qualify. There are exclusions in the court-approved settlement, so check the notice rather than relying on dates alone.
How to file
Former CIBC fund holders file through the official site, CIBCMutualFundsSettlement.com, which has the claim form and the long-form notice.
Before you start, it helps to know which funds you held and how you bought them. If you don’t have old statements, your former financial institution may be able to provide account history. The public notice doesn’t say every claimant must upload a statement, so follow the claim form’s own requirements rather than assuming you need years of records first.
The claims administrator is Verita Global, at 1-888-260-5258.
Use the official site. Be wary of third-party sites offering to recover settlement money for a fee.
What you’ll get
After legal fees, administration costs and taxes, the remaining money is split three ways:
59.05 per cent to former CIBC mutual fund holders, the people who have to file
38.11 per cent to current CIBC mutual fund holders
2.84 per cent to Renaissance fund holders
For former holders who file, the distribution plan sets payments at up to $32 per claim, paid by e-transfer or cheque. It can be less if there isn’t enough money to cover every approved claim.
Current CIBC holders won’t get a cheque. The money goes into the funds and shows up in unit value. The Renaissance share works the same way, which means former Renaissance holders don’t need to file, but they also won’t receive an individual payment.
The November 18 date is the deadline to file, not the date money goes out. The administrator still has to review claims and calculate payments, and no distribution date has been set.
CIBC isn’t the only bank in this fight
TD Asset Management settled a similar case for $70.25 million in December 2024. Class actions over trailing commissions have also been certified against BMO, RBC, Mackenzie, National Bank and Scotiabank’s 1832 Asset Management. Certification doesn’t mean a settlement has been reached or that there’s money to claim yet. Each case has its own rules and deadlines.
Is it worth filing?
If you can confirm your eligibility quickly, yes. The amount is small, but so is the effort.
The main thing is to make sure you’re in the right settlement. Discount-broker investors had a separate process that has already closed. Current CIBC holders and anyone with Renaissance funds have nothing to file.
For former CIBC fund holders, November 18, 2026 is the date to remember.
Sources
CIBC Mutual Funds Settlement, official claims site (Verita Global)
Notice of approved settlement, CIBC Mutual Funds and Renaissance Mutual Funds class action (non-discount broker), Kalloghlian Myers LLP, May 22, 2026
Siskinds LLP: Mutual fund trailing commissions class actions
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