Canadian Firms Agree To Pay $130.5M Over ABCP

Law360, New York (December 22, 2009, 5:38 PM EST) -- Canadian regulators have reached settlements totaling US$130.5 million with financial firms including Canadian Imperial Bank of Commerce, National Bank of Canada and the Bank of Nova Scotia's Scotia Capital Inc. over the alleged improper sale of securities linked to subprime mortgages.

The Investment Industry Regulatory Organization of Canada, the Ontario Securities Commission and Quebec’s L'Autorité des Marchés Financiers announced Monday that they had reached settlements with the companies over the sale of asset-backed commercial paper sales just before the market’s collapse.

Following a liquidity crisis related...
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