CIBC Dodges $77M Suit Over Failed Oil Well

Law360, Houston (July 22, 2013, 5:13 PM EDT) -- A Texas federal judge said Friday a subsidiary of CIBC World Markets Corp. cannot be held responsible for a bankrupt energy developer's decision to invest in a failed offshore prospect that contributed to the company's demise, ending a $77 million suit against the investment bank.

U.S. District Judge Nancy Atlas ruled that Seven Seas Petroleum Inc. could not prove that CMW Inc. rubber-stamped a fairness opinion on behalf of the oil and gas developer's financially interested board members to secure an investment in the risky well...
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