• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Ankura
  • Class Actions
  • Criminal
  • Events
  • Features
  • Global
  • People
  • SEC
Browse: Home / 2010 / March / 19 / Court Dismisses Securities Class Action Against CIBC Over Subprime Exposure

Court Dismisses Securities Class Action Against CIBC Over Subprime Exposure

By Securities Docket on March 19, 2010, 1:27 pm

On Wednesday, U.S. District Judge William H. Pauley III (SDNY) dismissed a securities class action against Canadian Imperial Bank of Commerce and four executives for alleged misstatements concerning the bank’s exposure to securities backed by subprime mortgages.

Judge Pauley ruled that many major financial institutions failed to anticipate a meltdown in the mortgage market, and that the plaintiffs failed to demonstrate that CIBC had information that was contrary to their public statements, the WSJ reports. “CIBC, like so many other institutions, could not have been expected to anticipate the crisis with the accuracy plaintiff enjoys in hindsight,” the court found.

The case was filed on behalf of investors who purchased CIBC shares in the U.S. between May 31, 2007, and May 29, 2008.

Read the WSJ article

Posted in Class Actions | Tagged Dismissals, Subprime

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

The inside story behind the collapse of Queensland Nickel

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2023 Securities Docket.

  • Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
  • Criminal
  • Class Actions
  • Features
  • Global
  • People
  • SEC
  • Events