Scotiabank Faces $125 Million Class Action for Unpaid Vacation and Holiday Pay
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 12 2025
0mins
Should l Buy BNS?
Source: Globenewswire
- Class Action Certification: The Ontario Superior Court has certified a $125 million class action lawsuit against Scotiabank, alleging unpaid vacation and holiday pay for all current and former employees who received incentive awards between December 14, 2020, and April 10, 2025.
- Legal Basis: The lawsuit claims that Scotiabank violated the Canada Labour Code by failing to include incentive payments and restricted share units in the calculation of vacation and holiday pay, breaching employment agreements and statutory obligations, resulting in financial losses for employees.
- Participation Conditions: Eligible employees will automatically be included in the class action without needing to take any action, while those wishing to opt out can submit a written request by February 10, 2026, with no costs associated with participation.
- Lawyer Compensation Arrangement: The lawyers representing the class will only be compensated if the lawsuit is successful through settlement or trial, which aims to minimize financial risk for participants and ensure fairness and transparency in the legal process.
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Analyst Views on BNS
Wall Street analysts forecast BNS stock price to fall
10 Analyst Rating
4 Buy
6 Hold
0 Sell
Moderate Buy
Current: 75.840
Low
66.95
Averages
72.63
High
77.74
Current: 75.840
Low
66.95
Averages
72.63
High
77.74
About BNS
The Bank of Nova Scotia (the Bank) is a chartered Schedule I bank. The Bank is a global financial services provider offering a range of products and services, including personal, commercial, corporate and investment banking. Its segments include Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. Canadian Banking segment provides a full suite of financial advice and banking solutions. Canadian Banking segment comprises retail banking and business banking. International Banking segment is a diverse franchise that provides financial advice and solutions to retail, corporate, and commercial clients. Its geographic presence spans over 15 countries including Mexico, Chile, and Peru. Global Wealth Management segment is comprised of wealth management and asset management businesses. Global Banking and Markets segment provides corporate clients with lending and transaction services, investment banking advice and access to capital markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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KeyCorp's Contribution: The expected income reflects KeyCorp's performance and its significance to Scotia Bank's financial outlook.
See More
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- Earnings Overview: Scotia Bank comments on the expected contribution from KeyCorp's fourth quarter earnings.
- Financial Impact: The anticipated earnings from KeyCorp are likely to influence Scotia Bank's financial performance.
See More
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