CIBC Fends Off Insider Trading Charges

Law360, New York (June 21, 2006, 12:00 AM EDT) -- Fresh from the sting of yesterday’s $2 billion lawsuit filed by a trustee for creditors of Global Crossing Ltd., Canadian Imperial Bank of Commerce is denying allegations that it profited from insider trading of the telecommunication company’s stock.

The lawsuit accuses the Toronto-based CIBC and its affiliates of illegally trading the company’s shares based on inside information.

Creditors of Global Crossing are still owed $6.2 billion in outstanding claims stemming from the company’s collapse in 2002, when it filed for bankruptcy protection amid a swirl of...
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