Used CIBC for your mortgage? You could get a chunk of this $7.5 million settlement
If you have previously used or are currently using CIBC for your mortgage payments, you might be entitled to hundreds of dollars.
On Monday, CIBC issued out a notice about reaching a settlement of $7.5 million in a class action lawsuit.
The action was filed in 2011 by Robert Christopher Jordan of Ontario and Erin Sherry of British Columbia over the calculation of certain prepayment charges on mortgages entered into across Canada, except Quebec.
According to court documents, this also applies to mortgages through related entitled such as Firstline Mortgages and President’s Choice Financial.
The notice is for mortgagors who paid a prepayment charge calculated in accordance with an Interest Rate Differential (not simply three months’ interest) when they prepaid part or all of their mortgages from 2005 onward.
Each claimant can get an estimated payment of $224, but the final amount might vary depending on the number of claims paid.
The settlement was approved by the Ontario Superior Court of Justice and the Supreme Court of British Columbia on October 19.
If you also paid the miscalculated mortgage prepayment charge, you’re automatically a class member in the settlement.
Get your supporting documents in order and fill out this form to file your claim with CIBC no later than May 21, 2023. If you fail to meet the deadline, your claim may be extinguished.
A claims administrator will determine your eligibility. Visit CIBC Prepaid Mortgage Settlement for further details.
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