Eligible former CIBC mutual fund holders have until Nov. 18, 2026, to submit a claim under an $11-million class-action settlement over trailing commissions paid to discount brokers, Global News reports.

The deadline applies to eligible investors who no longer hold CIBC mutual funds. Payments to those claimants will be made by cheque or e-transfer, where applicable.

Current CIBC mutual fund holders and current or former Renaissance fund holders will be compensated automatically through their respective mutual funds or other related funds, without needing to submit a claim, according to the report by Ariel Rabinovitch.

The lawsuit alleged that CIBC and Renaissance mutual funds paid discount brokers commissions that were excessive, inflated or unearned. Those fees typically compensate brokers for personalized investment advice, while discount brokers generally provide order-execution services rather than that advice.

CIBC and its affiliates denied wrongdoing. The settlement does not establish that the allegations were proven.

The $11-million settlement will not all go to investors: legal fees, administration expenses and other costs must first be deducted. Individual payments also remain uncertain because the number of eligible claimants has not been disclosed.

According to the settlement’s allocation plan cited by Global News, eligible former CIBC holders could receive $32 each if the fund set aside for them is sufficient. If it is not, payments will be reduced proportionately.

Global News reports that qualifying investors generally held eligible funds outside discount brokerage accounts, such as through a bank branch or full-service adviser. Former CIBC fund holders who believe they qualify can review the eligibility requirements and submit a claim online before the Nov. 18 deadline.

Sources