Update – March 2022 – The CIBC Securities Class Action settlement was approved by the Ontario Superior Court of Justice on January 17, 2022.
Class members are invited to submit a Claim Form to the Settlement Administrator by visiting https://www.cibcsecuritiessettlement.ca/
Please be aware that the deadline to submit a claim is June 18, 2022.
Update – December 6, 2021. This class action has settled, subject to Court approval. Class Members are invited to review materials below in respect of the proposed settlement. The Court will hear a motion for the approval of the proposed Settlement and Class Counsel Fees on January 12, 2022. A Zoom link has been provided below.
Class Members who wish to comment on, or make an objection to, the approval of the Settlement Agreement, Distribution Protocol or requested Class Counsel Fees may deliver a written submission to Class Counsel, at the address listed below, no later than January 7, 2022.
Additional information is available at the Settlement Administrator’s website at: www.cibcsecuritiessettlement.ca
Order of Ontario Superior Court of Justice, December 6, 2021
Settlement Agreement (Subject to Court Approval)
Notice of Settlement Approval Hearing (English)
Notice of Settlement Approval Hearing (French)
Summary of Rationale for Settlement
Affidavit of Vincent Genova (Settlement Approval), sworn December 31, 2021
Affidavit of Anne Bell, sworn December 31, 2021
Affidavit of Frank Torchio sworn December 28, 2021
Affidavit of Vincent Genova (Fee Approval), sworn January 5, 2022
Affidavit of Howard Green, sworn January 5, 2022
Supplemental Affidavit of Vincent Genova, sworn January 6, 2022
Factum of the Plaintiffs, dated January 8, 2022
Notice of Settlement Approval (English)
Notice of Settlement Approval (French)
On July 3, 2012, Justice Strathy released his decision denying the Plaintiffs’ motion for leave to assert secondary market claims under Part XXIII.1 of the Ontario Securities Act and for certification of the action as a class proceeding on technical grounds relating to the interpretation of the limitation period found in Part XXIII.1 of the Ontario Securities Act. The Plaintiffs appealed Justice Strathy’s decision to the Court of Appeal for Ontario. On February 3, 2014, the Court of Appeal released a decision certifying the Plaintiffs’ action as a class proceeding and granted leave to pursue the secondary market claims. The Defendants sought and were granted leave to appeal to the Supreme Court of Canada. That appeal was argued on February 9, 2015. The Supreme Court of Canada’s decision has not yet been released.
Update – December 4, 2015: The Supreme Court of Canada Allows $4 Billion Securities Class Action to Proceed Against CIBC for Alleged Nondisclosure of CIBC’s $11.5 Billion Exposure to the US Subprime Mortgage Market in 2007
Update – August 11, 2010: CIBC should restate earnings: expert
Update – July 23, 2008: CIBC sued over subprime investments
Update – July 23, 2008: Class Action Commenged Against CIBC