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The class action against CIBC alleges ‘negligent misrepresentation’ pertaining to the U.S. subprime mortgage meltdown in 2007.
The class action against CIBC alleges ‘negligent misrepresentation’ pertaining to the U.S. subprime mortgage meltdown in 2007.
(Fred Lum/The Globe and Mail)

LITIGATION

Appeals court greenlights class actions

A number of class-action lawsuits – including one alleging Canadian Imperial Bank of Commerce misled shareholders about the bank’s exposure to the melting U.S. subprime mortgage market in 2007 – have been brought back from the dead in an Ontario Court of Appeal ruling hailed as a victory for shareholder rights.