CIBC and CIBC World Markets Overtime Class Action

• October 6, 2014

  The Court of Appeal for Ontario has delivered reasons in the appeal of this case dismissing the plaintiff’s appeal. This means this case will not be a class action. To read the reasons, click here.

• April 22, 2014

  The appeal in this case will be heard on May 15, 2014. The appeal will be to decide whether the lower courts were incorrect to not certify this case as a class action. The appeal will be heard at Osgoode Hall in Toronto.

• January 22, 2014

  The appeal of the denial of certification will be heard on Wednesday, April 23, 2014. The appeal is to decide whether the lower courts were incorrect in deciding this case should not be a class action.

• September 30, 2013

  The Court of Appeal for Ontario has granted the plaintiff leave to appeal. This means the Court of Appeal will consider whether the decisions of the lower courts were incorrect and whether this case should be certified as a class action. The date and location of the hearing will be posted on this webpage when confirmed.

• May 27, 2013

  The plaintiffs’ will be seeking leave to appeal the decision of the Divisional Court. To read the Notice of Motion, click here.

• April 25, 2013

  The Divisional Court has released reasons dismissing the plaintiffs’ appeal of the denial of certification of this case as a class action. This means the case has not received a court order to allow it to proceed as a class action. To read a copy of the Divisional Court reasons, click here.

• April 10, 2013

  The appeal of the denial of certification in this case was heard by a 3 judge panel of the Divisional Court on February 27^th. The panel reserved their decision on the appeal. When the decision is released it will be posted on this webpage.

• January 15, 2013

  The Plaintiff has perfected their appeal regarding the denial of certification. The appeal will be heard Feb 27- 28, 2013, in Toronto.

• May 25, 2012

  The Plaintiffs have served their Notice of Appeal regarding the decision of the Court to not certify this case as a class action. To view the Notice of Appeal, click here.

• April 27, 2012

  Justice Strathy has released his reasons denying certification of this action as a class action. To read the reasons click here.

• March 19, 2012

  The hearing of the certification motion, to decide whether this action will become a class action, has concluded. The Honourable Justice Strathy reserved his decision on the motion and did not give an estimate as to when the decision will be released. When the decision is released, it will be posted on this webpage.

• January 19, 2012

  The Honourable Justice Strathy has released his decision from the refusals motion. The parties had divided success on the motion. The certification motion is still scheduled to proceed on January 31-February 2, 2012. To read a copy of the Honourable Justice Strathy’s decision, click here.

• January 16, 2012

  The Plaintiffs have brought a motion to compel answers to questions the Defendants refused to answer during cross-examinations. This refusals motion will be heard January 18, 2012. The certification motion is presently still scheduled to be heard January 31-February 2, 2012.

• November 17, 2011

  The parties have completed cross-examinations on affidavits sworn in support of certification. The certification motion is scheduled to be heard January 31-February 2, 2012 in Toronto.

• October 14, 2011

  The parties are currently conducting cross-examinations on affidavits sworn for the certification motion.  Such cross-examinations are expected to be completed on November 3, 2011. The certification motion is scheduled to be heard January 31-February 2, 2012.

• August 22, 2011

  The parties are currently conducting cross-examinations on affidavits sworn for the certification motion. The certification motion is scheduled to be heard January 31-February 2, 2012.

• July 14, 2011

  A new timetable was agreed to by the parties and the court, which requires cross-examinations to be completed by the end of October 2011 and the certification motion to be heard January 31-February 2, 2012.

• May 31, 2011

  The Plaintiffs delivered materials in reply to the Defendants’ responding materials filed in April 2011.  Cross examination of the parties’ witnesses is expected to take place in July and August 2011.

• April 15, 2011

  The Defendants delivered their materials in response to the Plaintiffs certification motion.

• March 10, 2011

  The Class Proceedings Fund granted funding for this action to the representative Plaintiffs.

• February 3, 2011

  At a case conference held today, the Honourable Mr. Justice Strathy ordered a timetable for the remaining steps leading to the certification motion in this action. The Plaintiffs had delivered their supplementary motion materials in mid-January. Pursuant to the timetable, the Defendants have until April 15, 2011 to file responding materials. Cross-examinations and motions arising from those cross-examinations are to be completed by August 30, 2011 and the parties are to exchange factum in October 2011 in advance of the certification motion, which is scheduled for November 7-9, 2011.

• May 28, 2009

  The Fresh as Amended Statement of Claim was issued

What is a class action?

A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.

What does certification mean?

In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.

How do I know if I am a Class Member?

The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.

Are Class Members notified of the certification of the class proceeding?

Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.

Can I opt out of a class action and pursue independent legal action?

Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.

Will there be any cost to class members for legal fees?

Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.

I still have questions…

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