CIBC Mortgages Prepayment Penalty

Two actions (Jordan v CIBC Mortgage Inc. and Sherry v CIBC Mortgage Inc., together the “Class Actions”) were brought against the defendant CIBC Mortgages Inc. (“CIBC”) in connection with the calculation of certain prepayment charges on mortgages across Canada, excluding Quebec. The Class Actions apply to CIBC mortgages as well as mortgages through related entities such as FirstLine Mortgages and President’s Choice Financial.

CIBC has agreed to pay the total amount of CAD$7.5 million in settlement of the Class Actions (the “Settlement”). The Settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by CIBC. The Settlement has been approved by the courts and the claims process is now open.

We would request that all class members please refer to the Long Form Notice of Settlement Approval for further information.

Class members who wish to submit a claim can do so by going to this website and following the steps mentioned there:

Please note the deadline to file claims is May 21, 2023.  Claims received after this deadline may not be considered.


For more information, please see:

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