CIBC TO PAY $125 MILLION TO SETTLE CLASS-ACTION LAWSUIT ON SUBPRIME MORTGAGE RISKS

TORONTO — CIBC has agreed to pay $125 million to settle a class-action lawsuit that had accused the bank of misrepresenting its exposure to U.S. residential mortgage-backed securities ahead of the financial crisis. © Provided by The Canadian Press Investors launched the suit in 2008 alleging that the bank not only misled the market on the size of its exposure to the U.S. subprime ma...

Source: