Oil Co. Trustee's Fraud Suit Against CIBC Survives

Law360, New York (June 8, 2010, 12:56 PM EDT) -- A federal judge has denied CIBC World Markets Corp.'s bid to dismiss breach of fiduciary duty, fraud and conspiracy claims brought by the trustee of a bankrupt oil driller.

In a ruling Friday, Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas said Ben Floyd, the trustee and sole remaining officer of Seven Seas Petroleum Inc., had provided enough additional detail of the complex and deep relationship between the oil drilling company and CWM Inc., a CIBC unit, for the...
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