Cerberus filed the lawsuit against CIBC in 2015, seeking damages of US$1.067 billion.
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CIBC on Feb. 17 said it entered into an agreement with the U.S. private equity firm to fully settle the lawsuit filed against the bank, which was the subject of a recent judgment by a New York State court.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
The bank said it recorded a pre-tax provision of $1.169 billion in its first quarter 2023 results representing damages and pre-judgment interest totalling US$855 million through Jan. 31, 2023. CIBC is set to release its earnings report on Feb. 24. It said the US$85 million difference between the amounts will be reflected as a gain in its second quarter results.Article content
The lawsuit stems from a 2008 transaction in which CIBC issued a limited recourse note to Cerberus, which significantly reduced the Canadian bank’s exposure to the U.S. residential real estate market. In 2011, CIBC sold a residual interest in the specified payment streams to Cerberus.in 2015, seeking damages of US$1.067 billion on allegations that CIBC defaulted on certain payments.“forced to do so” in order to recover the contract payments CIBC owed to it.
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