Understanding the CIBC and Renaissance Mutual Funds Class Action Settlement
Understanding the Class Action Settlement
A notable class action settlement has emerged involving the Canadian Imperial Bank of Commerce and CIBC Trust Corporation. This pertains to claims made by individuals who held units of either a CIBC Mutual Fund or a Renaissance Mutual Fund through discount brokers.
Details of the Settlement
The settlement amount is set at $26 million. It aims to address claims from individuals across various locations who participated in these funds from a specified time period. This effort underlines the commitment to rectifying any financial discrepancies experienced by investors.
Approval Process
The Ontario Superior Court of Justice is responsible for approving this settlement. An important hearing to finalize this approval is scheduled. During this session, the Court will also examine the legal fees for Class Counsel, which are capped at $7,280,000, alongside the reimbursement for any litigation expenses incurred.
Important Dates to Remember
Class members wishing to voice concerns about the settlement must do so by a defined date. Those who held units of Renaissance Mutual Funds through discount brokers during the settlement period and choose not to be part of this class action must complete a supplemental opt-out form promptly.
Opt-Out Process
If you held Renaissance Mutual Fund units only within the specified timeframe and wish to exit the settlement, it is crucial to act before the opt-out deadline. Others who held CIBC Mutual Fund units during the same period are no longer eligible to opt out.
Rights and Information for Class Members
Class members can learn about their rights and determine if they qualify for the settlement. It's important to ensure you understand the distribution protocol that outlines how funds will be allocated among eligible class members.
Legal Resources
For further information about the class action, including access to forms and additional resources, impacted individuals should reach out to Class Counsel. They can provide clarity on the next steps and what to expect as the settlement progresses.
Final Thoughts on the Settlement
This settlement is solely for individuals who held units of a CIBC Mutual Fund or a Renaissance Mutual Fund through discount brokers. If your investment was made through different avenues, alternative settlements may be in place designed specifically for your circumstances.
Frequently Asked Questions
What is the nature of the class action settlement?
The settlement addresses claims made by individuals who held units of CIBC and Renaissance Mutual Funds through discount brokers, resolving related financial discrepancies.
What is the total settlement amount?
The settlement has been set at $26 million to cover the claims of affected class members.
When is the deadline for opting out of the settlement?
Class members wishing to opt out must complete the necessary forms by the specified deadline to ensure their withdrawal from the settlement agreement.
What role does the Ontario Superior Court play?
The Ontario Superior Court of Justice is responsible for approving the settlement and ensuring that the distribution of funds is fair and transparent.
How can class members get more information?
Class members are encouraged to reach out to Class Counsel for further details regarding their legal rights and the settlement process.
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