Oct 29, 2016
By Bob Sheppard
The Canadian Imperial Bank of Commerce (C-I-B-C) is going to return $73.3-million that it collected from clients in excess fees.
The fees were in connection with certain Investment services and mutual funds, and were collected between 2002 and January this year.
As well, the C-I-B-C will make a payment of 3-million dollars to the Ontario Securities Commission (OSC). The money will go toward the Commission’s mandate to protect investors.
The bank will also pay $50,000 toward the costs involved in the investigation.
According to the OSC, shortcomings in systems and controls ended up with some of the bank’s customers being overcharged from January, 2002 to January, 2016.
C-I-B-C self-reported the problem, and the OSC says it found no evidence of dishonest conduct by the bank.