Subprime Action Against Canadian Imperial Bank Nixed

By Abigail Rubenstein

Law360, New York (March 17, 2010, 7:25 PM ET) -- A federal judge on Wednesday threw out a putative class action accusing Canadian Imperial Bank of Commerce and its executives of misleading investors about the bank's exposure to fixed-income securities backed by subprime residential mortgages.

Judge William H. Pauley III of the U.S. District Court for the Southern District of New York dismissed the consolidated class action complaint filed by the Plumbers & Steamfitters Local 773 Pension Fund, ruling that the plaintiff had failed to demonstrate an intent to defraud.

The pension fund, which had purchased...
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