October 28, 2016 / 8:12 PM / a year ago

Canada's CIBC agrees to pay C$73.3 mln to compensate for excess fees

TORONTO, Oct 28 (Reuters) - Canadian Imperial Bank of Commerce has agreed to a no-contest settlement with the Ontario Securities Commission that will see CIBC compensate customers a total of C$73.3 million ($54.8 million) for excess fees.

The OSC said the settlement follows allegations by OSC staff that there were inadequacies in the CIBC’s systems of controls and supervision which resulted in clients paying excess fees that were not detected or corrected in a timely manner. ($1 = 1.3381 Canadian dollars) (Reporting by Matt Scuffham)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below