Global Crossings Suit Against CIBC To Proceed

Law360, New York (August 7, 2006, 12:00 AM EDT) -- A lawsuit filed by financially strapped telecommunications company Global Crossings Ltd. against the Canadian Imperial Commerce Bank will head to court, after a judge refused to toss the case completely.

The case, filed by five representatives designated to pursue claims on behalf of the company, alleges that the company’s major shareholders were aware of misstated financials that inflated GC’s share price.

The shareholders, including the CIBC, financial services company Ullico Inc., and GC founder Gary Winnick, allegedly “exploited GC’s inflated stock price in a series of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.