The Globe and Mail reports in its Thursday edition that Ontario Superior Court Justice Jasmine Akbarali has given the go-ahead for two separate class-action lawsuits to proceed against Canadian Imperial Bank of Commerce and Mackenzie Financial alleging that fund managers improperly overcharged investors millions of dollars in fees for a service they did not receive. The Globe's Clare O'Hara writes that last week, Justice Akbarali certified two lawsuits against CIBC and CIBC Trust Corp., as well as Mackenzie Financial and Mackenzie Financial Capital. The two cases involve trailing commissions that were paid to discount brokerages out of the assets of CIBC and Mackenzie mutual funds. Trailing commissions are embedded fees found in mutual funds that are typically used to compensate an individual for advice and services provided to an investor. However, do-it-yourself investors do not work with advisers and, therefore, do not receive advice. The latest rulings are the fifth and sixth class-action lawsuits to be certified out of seven cases that have been filed on behalf of investors. Legal experts have calculated that the fees paid by do-it-yourself investors totalled about $5-billion in overcharged commissions since 1993.