CIBC Unit Dropped From Oppenheimer's $176M Suit

Law360, New York (November 21, 2013, 2:24 PM EST) -- A New York state judge on Thursday tossed a Canadian Imperial Bank of Commerce subsidiary from a $176 million suit over the sale of CIBC's U.S. investment banking operations to Oppenheimer Holdings Inc., but an Oppenheimer attorney vowed to beef up the allegations.

Oppenheimer had alleged that when CIBC affiliate CIBC World Markets Corp. sold its U.S. investment banking business to Oppenheimer in 2007, it had agreed to provide up to $2 billion in balance sheet support to Oppenheimer to backstop the investment banking operations and...
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