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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,

UK building the world’s largest offshore wind farm

Danish state-owned company Dong Energy A/S plans to set a new world record for the world’s largest offshore wind farm, breaking the existing record currently held by the 630-megawatt London Array, another facility built by Dong. The new U.K. wind farm will be located in the Irish Sea, about 12 miles off the west coast of Great Britain.​ When commissioned, it will provide enough energy to power almost a half million