The Canadian Imperial Bank of Commerce (CIBC) has agreed to pay $153 million to end a years-long lawsuit against its employees, who allege that their employer broke the law by asking them to work overtime without pay.

CIBC said Thursday that the settlement will help avoid additional legal costs and end the dispute, according to The Globe and Mail. "We believe CIBC has a clear overtime policy and practices, accessible and efficient," said bank spokesman Tom Wellis. We are proud of the work environment we have created with our members, in which we recognize and reward their achievements, support their well-being and practice inclusivity. When overtime is required or permitted for eligible team members, it is paid." Last February, an Ontario court dismissed CIBC's appeal and upheld a 2020 decision that recognized the bank liable for former overtime policies that did not record the hours of work of thousands of employees. The Ontario Court of Appeal had determined that these policies unlawfully imposed on employees the responsibility overtime compensation by their managers. CIBC employees said that if overtime was expected by their employer, demanding that it be compensated was discouraged and the required approval difficult to obtain.