According to the Siskends LLP website, a class action was commenced in October 2011 against CIBC Mortgages Inc. regarding its practices for calculating prepayment penalties on mortgages entered into across Canada since 2005.
The Statement of Claim alleges that CIBC applied terms and conditions to certain mortgage contracts to allow it unfettered discretion for calculation of mortgage prepayment penalties. It if further alleged that the quantification of prepayment penalties applied by CIBC are in breach of the mortgage contracts.
The action applies to CIBC mortgages as well mortgages through related entities such as Firstline Mortgages and President’s Choice Financial.
Read the press release
Read the Issues Statement of Claim – Ontario
For further information concerning this action, please contact Ruth Noble at 1-800-461-6166 ext. 2381.