CIBC agrees to settle overtime class-action lawsuit, will pay $153 million

The CIBC logo displayed on a flag in front of its headquarters in Toronto on Oct. 25, 2021. THE CANADIAN PRESS/Evan Buhler

TORONTO — CIBC has agreed to pay a total of $153 million to settle a class-action lawsuit filed more than a decade ago over the bank's overtime policies, lawyers for the plaintiffs say.

Dara Fresco, a former CIBC teller and class counsel, brought this case in 2007.

The Ontario Court of Appeal dismissed last year an attempt by the bank to overturn a lower-court ruling in favour of the class-action case on behalf of about 31,000 retail bank employees.

Fresco says the settlement is a fair compromise that will bring meaningful compensation to thousands of class members.

CIBC spokesperson Tim Wallis says the settlement will avoid further legal costs and allow the bank to put the matter behind it.

The agreement must be approved by the Ontario Superior Court before it will become binding.

This report by The Canadian Press was first published Jan. 5, 2023.