Canadians could soon claim a part of a multimillion-dollar proposed CIBC mutual funds settlement.

Law firm Siskinds LLP announced on Friday that a $26-million settlement has been reached with CIBC and CIBC Trust Corporation to resolve a class action against various mutual fund trustees and managers, challenging the trailing commissions they have paid to discount brokers on mutual funds under their management.

Trailing commissions, also known as trailer fees, are compensation for mutual fund dealers who advise investors. However, over the years, these commissions were also paid to discount brokers, who are not allowed to provide investment advice.

“It is alleged by the plaintiffs that, since no advice is provided to investors who purchase mutual funds through discount brokers, these inve

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