Shareholders Sue CIBC Over Subprime Exposure

Law360, New York (July 23, 2008, 12:00 AM EDT) -- A group of investors has hit the Canadian Imperial Bank of Commerce and several of its officers and directors with a proposed class action, alleging that the bank deceived them about its exposure to the U.S. subprime mortgage market.

The multibillion-dollar lawsuit was filed in the Ontario Superior Court of Justice on behalf of all investors who bought CIBC common stock between May 31, 2007, and Feb. 28, 2008, Rochon Genova LLP, which is representing the class, announced Wednesday.

The plaintiffs allege that during the class...
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