Reminder - CIBC Unpaid Overtime Class Action Settled for $153 million - deadline to file claim for payout expiring on March 25, 2024

TORONTO, March 12, 2024 /CNW/ - Current and former CIBC front-line retail staff (including tellers, financial service representatives, financial service associates and branch ambassadors, who worked between 1993 and 2009 may have thousands of dollars in compensation waiting for them.

A $153 million settlement of the unpaid overtime class action covering all of Canada (known as Fresco v CIBC) was approved by the Court in Ontario and recognized by the Court in Quebec last year.  Class Members have until March 25, 2024 to go online and submit a simple settlement claim form through the secure website: www.cibcunpaidovertime.ca.

The payouts to individual Class Members could, depending on length of service, wage rate, etc., be in the thousands of dollars.  Class Members are encouraged to go online and submit their claim before the March 25^th deadline expires. Class Members can complete the claim form to the best of their knowledge. No supporting documentation is required at this time.  The information in the claim form will be reviewed against employment data that has already been provided by CIBC.

There will be no extension. Thousands of current and former employees have already submitted their settlement payment forms to receive compensation.

Under the terms of the court-approved settlement, the identity of Class Members is confidential. Settlement claim forms are shown only to the court appointed independent claims administrator and are not shared with CIBC or even the lawyers for the Class.

The settlement, approved by the Ontario Superior Court of Justice in March 2023, provided that CIBC pay (without any admission of liability) $153 million to settle the case. A copy of the court order approving the settlement can be found at www.cibcunpaidovertime.ca.

According to Class Counsel David O'Connor, Louis Sokolov and Steven Barrett:

"This is the Class Members' money and it is waiting for them. We encourage Class Members to speak to other employees that they know or worked with and encourage them to go online and complete their settlement payment forms (if they have not already) before March 25, 2024.

For anyone concerned, this is not a scam. Class Members who want to verify this are welcome to contact Class Counsel at cibcunpaidovertime.ca or 1-866-726-4057."

For more information please see: www.cibcunpaidovertime.ca.

SOURCE Sotos Class Actions