Class action lawsuit against Canadian Imperial Bank of Commerce

06/06/07 - newratings.com

NEW YORK, June 6 (newratings.com) – Lawyers representing thousands of former and present employees of Canadian Imperial Bank of Commerce (CIBC) Tuesday said that they had sued the company for unpaid overtime.

The lawyers said the company had not paid non-management employees for the overtime hours worked, and had "discouraged" them from making claims on such time. The lawyers have launched a class action lawsuit against the fifth largest Canadian bank. The suit could become the largest ever class action lawsuit in Canada, with C$600 million being sought in compensation.