CIBC’s C$125 mln settlement of financial crisis lawsuit gets court approval

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

Feb 18 (Reuters) – Canadian Imperial Bank of Commerce (CM.TO) has received approval from an Ontario court of a C$125 million ($98 million) settlement to resolve claims in a class-action lawsuit alleging misrepresentations made by the bank and its former executives in 2007 and 2008, the plaintiffs’ lawyers said on Friday.

Misrepresentations were found in CIBC’s quarterly financial filings and public oral statements about the Canadian bank’s investments in the United States and its exposure to U.S. residential mortgage-backed securities between May 31, 2007 and February 28, 2008, according to a statement from lawfirm Rochon Genova.

The Ontario Superior Court of Justice approved the settlement, which was reached in December, according to the statement.

($1 = 1.2709 Canadian dollars)

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel

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