CIBC plans to appeal a court order that it pay damages to an entity controlled by Cerberus Capital Management. Find out more
The New York State court found CIBC liable on Dec. 1 after a non-jury trial, and on Tuesday ordered it to pay damages after a years-long battle over aThere was an error, please provide a valid email address.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.
“CIBC strongly disagrees with the legal and factual basis for the Court’s decision,” the bank said in a press release Wednesday. 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.
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