CIBC agrees to settle overtime class-action lawsuit, will pay $153 million (msn.com)
As a former CIBC Teller, I am eligible for compensation under this settlement.
In 2007, a CIBC Teller brought a class action lawsuit against the Bank alleging "that CIBC’s overtime policies and record-keeping systems contravened the Canada Labour Code, resulting in front-line bank employees not being compensated for overtime."
CIBC fought this for 15 years; and recently agreed to settle.
There is a Hearing on March 3rd to approve the settlement; now, for our resident lawyers on TERB, am I correct in assuming that upwards of 60% of the $153 million settlement will go toward legal costs?
There are approximately 30,000 former CIBC employees covered under this class action; in which case, I would calculate any compensation that I would receive to be around $2,000 at most.
As a former CIBC Teller, I am eligible for compensation under this settlement.
In 2007, a CIBC Teller brought a class action lawsuit against the Bank alleging "that CIBC’s overtime policies and record-keeping systems contravened the Canada Labour Code, resulting in front-line bank employees not being compensated for overtime."
CIBC fought this for 15 years; and recently agreed to settle.
There is a Hearing on March 3rd to approve the settlement; now, for our resident lawyers on TERB, am I correct in assuming that upwards of 60% of the $153 million settlement will go toward legal costs?
There are approximately 30,000 former CIBC employees covered under this class action; in which case, I would calculate any compensation that I would receive to be around $2,000 at most.
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