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