Option consommateurs and Canadian Imperial Bank of Commerce (“CIBC”) have reached an agreement in two class actions brought on one motion for leave to bring a class action against CIBC and several other financial institutions.
The class actions allege that CIBC engaged in the following practices related to CIBC credit cards:
1. The charging of credit fees in the absence of a 21-day grace period;
2. The charging of over-limit fees and the unilateral increase of credit limits; and
3. The charging of cash advance fees.