CIBC says it expects the total amount of damages, inclusive of prejudgment interest, will be about US$848-million through to Dec. 1, 2022
CIBC says it will appeal a New York court decision finding the Canadian bank liable for damages in a lawsuit brought by Cerberus Capital Management LP.
The bank says it expects the total amount of damages, inclusive of prejudgment interest, will be about US$848-million through to Dec. 1, 2022.The bank expects to record a pre-tax provision of about C$1.16-billion or C$850-million after tax in its first quarter 2023 results related to the case.
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