The Canadian Imperial Bank of Commerce has agreed to compensate clients a total of 73.3 million dollars after collecting excess fees for certain mutual funds and investment services.
The bank self-reported the problem and the Ontario Securities Commission found no dishonest conduct.
The bank will also pay $3-million dollars to the OSC toward its mandate of protecting investors, while a further payment of $50,000 will go to cover the costs of the investigation.
The OSC approved the no-contest settlement with CIBC World Markets, CIBC Investor Services and CIBC Securities.
The OSC alleged that short-comings in systems and controls at the CIBC dealers resulted in some customers being overcharged from as early as January 1st, 2002 until as recently as January 31st, 2016.