Posted AT 10:11 PM EDT on 08/05/08
Barrick, CIBC settle ABCP dispute
Barrick Gold Corp. and Canadian Imperial Bank of Commerce have settled their squabble over asset-backed commercial paper, removing another key roadblock in the $32-billion plan to restructure the ABCP market.
Barrick had been fighting in court for the right to sue CIBC for selling Barrick about $66-million of paper that is now almost worthless, but Thursday quietly dropped that effort in a one-sentence court filing. Barrick had also demanded full repayment.
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Refining
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