CIBC Securities Class Action
Notice of Certification and the Granting of Leave to Proceed With Statutory Misrepresentation Claims
On July 22, 2008, ROCHON | GENOVA LLP filed a class action against CIBC on behalf of persons and entities, except for U.S. residents, who purchased CIBC common shares between May 31, 2007 and February 28, 2008 (“class members”).
The class action alleges that the class members suffered losses as a result of CIBC’s representations about its exposure to the U.S. subprime mortgage market through collateralized debt obligations (“CDOs”) and credit default swaps (“CDS”), which eventually resulted in CIBC taking gross write-downs of approximately $9.3 billion.
On February 3, 2014, the Court of Appeal for Ontario certified the action as a class proceeding against CIBC and granted leave (permission) to the Plaintiffs to commence an action under the secondary market liability provisions of the Ontario Securities Act. These provisions permit those who purchase the shares of a company after a misrepresentation has been made in the company’s public disclosures to recover damages without being required to prove that they relied on the misrepresentations. In December 2015, the Supreme Court of Canada affirmed the certification and leave orders of the Court of Appeal for Ontario.
If you purchased CIBC common shares between May 31, 2007 and February 28, 2008, you are automatically considered a class member and are bound by any judgment or settlement reached in this class action.
If you do not wish to participate in the class action, you must opt out by January 3, 2017.
The Court has not yet determined the merits of this action. To learn more about this class action, your rights as a class member, or how to opt out, please contact ROCHON | GENOVA LLP by phone or email and/or refer to the following documents:
Short Form Notice (English)
Short Form Notice (French)
Long Form Notice
Certification and Leave Order of the Court of Appeal for Ontario
Supreme Court Decision (English)
Supreme Court Decision (French)