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Global Crossings Suit Against CIBC To Proceed

Law360 (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...
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