The CIBC Class Action Lawsuit 2024 is a significant legal matter involving the Canadian Imperial Bank of Commerce (CIBC). This lawsuit focuses on the claims of employees who were not paid for overtime work. Today, Saturday, 24 February 2024, we bring you the latest details about who can claim the settlement amount, along with payment dates and eligibility criteria.
The lawsuit alleges that CIBC failed to compensate employees for overtime, affecting around 30,000 people. The Ontario Superior Court of Justice has ruled in favor of the employees, with a settlement claim of $131 million. However, CIBC has appealed, and the final verdict is expected in September 2024.
Summary of CIBC Lawsuit 2024 Settlement Claims
Detail | Information |
---|---|
Lawsuit Against | Canadian Imperial Bank of Commerce (CIBC) |
Allegation | Failure to pay for overtime work |
Affected Employees | Approximately 30,000 |
Settlement Amount | $131 million (subject to change) |
Court Ruling | In favor of the employees |
Appeal | By CIBC, final verdict in September 2024 |
Eligibility | Full/part-time CRA, assistant branch managers, etc. |
Required Documents | Employment proof, salary slips, working hours |
Claim Deadline | 31st March 2024 |
Payment Dates | Expected by end of September 2024 |
The case has seen several important dates, including court hearings and settlement approvals. The next crucial date is in September 2024, when the final verdict is due.
Who is Eligible for the Settlement?
Employees of CIBC, including full-time and part-time workers in various roles, are eligible for the settlement. This includes roles like CRA, assistant branch managers, and customer service representatives in retail branches. To claim, employees must be habitual residents of Canada and provide necessary documentation.
Payment Dates and Process
The final schedule for payment will be announced after the court’s verdict in September 2024. The payment is expected to be disbursed by the end of that month. The process involves two phases, with 70% of claimants receiving their settlement in the first phase.
Understanding the Case
The case highlights the issue of unpaid overtime work at CIBC. The lawsuit’s outcome will not only affect the claimants but also set a precedent for similar cases in the future.
What Documents Are Needed?
Claimants must submit employment documents, salary slips, and details of working hours. For those holding company shares, information about stock prices and related documents are mandatory.
Final Verdict and Its Impact
The final verdict in September 2024 will determine the exact compensation amount. This ruling will be crucial for both the employees and CIBC.
Steps to Claim the Settlement
Eligible employees should apply for the settlement by 31st March 2024. They need to stay updated with the case and submit their claims promptly.
CIBC’s Response and Future Implications
CIBC’s appeal and the court’s decision will have significant implications for the company’s policies and employee relations.
Conclusion A Landmark Case in Employee Rights
The CIBC Lawsuit 2024 is a pivotal moment for employee rights in Canada. It emphasizes the importance of fair compensation for overtime work.
Frequently Asked Questions
What is the CIBC Class Action Lawsuit 2024 about?
The lawsuit involves CIBC employees who were not paid for overtime work, with a settlement claim of $131 million.
Who can claim the settlement in the CIBC lawsuit?
Eligible claimants include full-time and part-time employees like CRAs, assistant branch managers, and front-line customer service staff.
When is the final verdict for the CIBC lawsuit expected?
The final verdict is expected in September 2024.
What is the deadline to apply for the settlement?
The deadline to apply for the settlement is 31st March 2024.
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