Cerberus says it was “forced” to launch lawsuit against CIBC
Cerberus Capital Management has issued a statement defending the lawsuit filed against the Canadian Imperial Bank of Commerce last week. Cerberus said it “provided CIBC the lifeline that it needed” during the financial crisis in 2008, but that CIBC “refused” to observe its contractual obligations. Cerberus added that it was “forced” into legal action following efforts to resolve the issue with CIBC. The bank sought the financial assistance from Cerberus to reduce its exposure to the U.S. residential real estate market. It said it had satisfied all its obligations by making payments totaling more than US$1.24 billion, according to a Reuters report.
4 November 2015•3 mins read
