PLEASE NOTE: CIBC is not involved or responsible for the claims administration process. Please Contact Us if you have any questions regarding the settlement.
CIBC Securities Settlement
If you purchased shares of Canadian Imperial Bank of Commerce (“CIBC”) on the TSX from May 31, 2007 to and including and February 28, 2008, you may be entitled to a payment from the settlement.
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 May 31, 2007 and February 28, 2008. 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.
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.
The Settlement must be approved by the Ontario Superior Court of Justice. A Settlement Approval Hearing has been set for January 12, 2022 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.
Class Members may express their views about the proposed settlement to the Court or object to the settlement. If you wish to do so, you must do so in writing no later than January 7, 2022. For more information about your rights and how to object to the settlement, please see the Long-Form Notice available here.