Posts From King World News

CIBC says Cerberus lawsuit against it lacks merit

The Canadian Imperial Bank of Commerce said on Monday 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. 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,