A settlement has been reached in the class action against CIBC and certain of its former officers alleging misrepresentations made by CIBC and certain of its officers between . These alleged misrepresentations were in CIBC quarterly financial statements and MD&A, public oral statements and filings with securities regulators, regarding material information relating to CIBC’s investments in and exposure to United States residential mortgage-backed securities (“US RMBS”). CIBC and the other Defendants have denied all allegations against them.
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The settlement provides for the payment by CIBC of the total amount of $125,000,000 CAD to resolve those claims. The settlement is a compromise of disputed claims and is not an admission of liability or wrongdoing by CIBC or any of the other Defendants.
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The Settlement must be approved by the Ontario Superior Court of Justice. A Settlement Approval Hearing has been set for in Toronto. At the hearing, the Court will also address motions to approve Class Counsel’s fees, which will not exceed 30% of the recovery plus reimbursement for expenses incurred in the litigation.
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