CIBC and Simplii Duplicative NSF Fee Settlement

Being in the Class does not by itself mean you qualify for a payment. The notice uses narrower requirements for “Eligible Class Members,” who are the people expected to share in the settlement fund.

• You must have been a Canadian resident and a CIBC or Simplii personal deposit-account holder before February 1, 2024.
• The account must still be open and able to accept deposits when payments are distributed.
• The notice describes a specific second $45 NSF fee: it must have followed an earlier $45 NSF fee by 2 to 30 days, on a PAD from the same merchant, with the same amount, transaction code, and transaction description.
• CIBC’s records must not show a qualifying second fee after December 18, 2022 for Simplii customers, or after February 1, 2024 for CIBC customers.

The notice describes payment as automatic for eligible people who remain in the class. It does not set a date for distribution, and payment depends on the proposed settlement receiving court approval.

• Do not opt out of the class action.
• Keep your CIBC or Simplii personal deposit account open and able to accept deposits through the distribution date.
• The notice does not describe a claim form, claim deadline, or supporting-document submission for payment. It says eligible people who do nothing will receive compensation later.

The proposed gross settlement fund is $10 million. The amount available for payments will be lower after interest and the listed court-approved deductions are accounted for.

• The notice estimates a deposit of about CAD $35 for a class member who does not opt out and meets the eligible-member rules.
• This is an estimate, not a guaranteed fixed payment.
• Payments are made on a pro rata basis, meaning the available net fund is shared among eligible class members.

Doing nothing is different from opting out. It keeps you in the case and preserves your possible settlement payment, but it also affects your rights to bring an individual case about the same claims.

• You stay in the class action.
• You are bound by court orders, including the settlement if it is approved.
• You give up the right to sue CIBC or Simplii yourself over the same legal claims.
• If you meet the eligible-member requirements, the notice says you will receive compensation later.

Opting out means leaving the class action. You will not receive settlement benefits, but you will not be bound by the court’s orders and keep your right to sue CIBC individually about the issues in this case.

• Send the available Opt-Out Form, or send a legible written request to opt out of Sarah Louise Campbell v Canadian Imperial Bank of Commerce to Class Counsel by email, mail, or fax.
• A written request must include your name, address, telephone number, and signature.
• It must be sent by August 31, 2026.

The Court is scheduled to consider approval of the proposed settlement on October 19, 2026. The notice warns that if the Court does not approve it, there will be no settlement proceeds at that time and there may never be money to distribute.

• Put your objection in writing and send it to Class Counsel by August 31, 2026.
• The notice says an Objection Form is available from Class Counsel’s settlement-information page.
• An objection asks the Court not to approve the proposed settlement; it is not an opt-out request.

Class members do not pay Class Counsel directly. However, these deductions can reduce the net settlement funds available to eligible class members.

• Class Counsel plans to ask the Court to approve approximately $2,765,742.56 in legal fees plus HST.
• The notice also lists approximately $123,000 in disbursements, a $5,000 honorarium for the representative plaintiff, and a litigation-funder fee of 7%.
• These amounts, along with other listed expenses and applicable taxes, are deducted from the gross settlement fund if court-approved.