CIBC says Cerberus lawsuit against it lacks merit: Reuters
The Canadian Imperial Bank of Commerce said it saw no merit in a lawsuit filed against it by a special purpose vehicle controlled by U.S. private equity firm Cerberus Capital Management, Reuters reported. The lawsuit filed late last week in New York relates to an October 2008 transaction in which CIBC issued a limited recourse note to Cerberus, which significantly reduced its exposure to the U.S. residential real estate market, during the depths of the financial crisis. CIBC says it had satisfied all its obligations by making 84 monthly payments totaling more than US$1.24 billion.
2 November 2015•1 min read
