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”) 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”).
The settlement provides for the payment by CIBC of the total amount of CAD $125,000,000 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.
Who is eligible to claim compensation from the Settlement?
Pursuant to the orders in the Action, the following persons or entities may be entitled to a recovery from the settlement proceeds:
All persons, wherever they may reside or be domiciled (except residents of the United States of America) who acquired common shares of CIBC listed on the Toronto Stock Exchange during the period from and including May 31, 2007 to and including February 28, 2008 (the “Class Period”) and still held any of those acquired CIBC common shares at the close of trading on the Toronto Stock Exchange on any or all of November 9, 2007, November 13, 2007, November 14, 2007, November 19, 2007, December 5, 2007, December 6, 2007, and December 7, 2007 (“Public Correction Dates”), other than certain Excluded Persons* and those who validly opted out pursuant to the notice of certification issued on October 5, 2016 ("Class Members").
Click here for the list of Excluded Persons.
The Settlement provides that to qualify for compensation, Class Members will be required to submit a properly completed Claim Form to the Administrator within the time prescribed by the Court. Each Class Member who submits a valid and timely Claim Form, if eligible, will be entitled to receive compensation calculated in accordance with the Distribution Protocol.
The proposed Distribution Protocol provides that in order to determine the individual entitlements of Class Members who make claims, the losses of each claimant will be calculated in accordance with a formula based on the statutory damages provisions contained in the Ontario Securities Act. Once the notional losses of all Class Members who have filed valid claims have been calculated, the Net Settlement Amount will be allocated to those Class Members in proportion to their percentage of the total notional losses calculated for all valid claims filed. Because the Net Settlement Amount will be distributed pro rata, it is not possible to estimate the individual recovery of any individual Class Member until all the claims have been received and reviewed.
In the event any amounts remain undistributed 180 days after the distribution of the Net Settlement Amount (because of uncashed cheques or for other administrative reasons), those amounts will be distributed to eligible Class Members up to the limit of their individually calculated losses (if sufficient to warrant a further distribution) or allocated in a manner approved by the Court.
We recommend you take a few minutes to view the FAQ section for further details about this class action and the Settlement benefits to fully understand your rights.