The Financial Post reports in its Thursday, Nov. 12, edition that Canadians who previously held Canadian Imperial Bank of Commerce mutual fund units need to submit a claim before Nov. 18 to receive compensation from an $11-million class-action settlement. The Post Naimul Karim writes that the case against CIBC claimed the bank paid excessive, inflated or unearned trailing commissions to discount brokers and made misrepresentations about these payments, according to court documents. CIBC has denied the allegations, but an Ontario court last December approved an $11-million settlement that ended the class-action process. "The settlement agreement is not an admission of liability, wrongdoing or fault," the court document said. The court also awarded law firm Kalloghlian Myers LLP a fee of approximately $3.66-million, which will be deducted from the settlement before distribution to class members. Class members who currently hold CIBC mutual fund units are not required to submit a claim for compensation since a portion of the net settlement amount will be deposited directly into those mutual funds. Others can file a claim at cibcmutualfundssettlement.com.