November 22, 2005 |
New York Atty. Gen. Eliot Spitzer dropped criminal charges against a former managing director of Canadian Imperial Bank of Commerce in a case related to improper mutual fund trading. Paul Flynn was charged in 2004 with helping two hedge funds make illegal mutual fund trades. Spitzer had exposed abusive trading practices in the fund industry beginning in 2003, leading to dozens of cases against fund firms or individuals. Flynn had pleaded not guilty.
September 14, 2005 |
The Securities and Exchange Commission is seeking to halt a $3.6-billion initial public offering by a Canadian publisher that claims "Al Greenspan" as an auditor and seeks to unite the world using one language and one postage stamp. Apollo Publication Corp. said in its IPO filing that former Presidents George H.W. Bush and Jimmy Carter served as directors, the SEC said Tuesday, and also falsely claimed that Canadian Imperial Bank of Commerce was leading the stock sale, the SEC said.
August 6, 2005 |
Canadian Imperial Bank of Commerce said it would pay Enron Corp. $250 million to resolve claims that the lender aided accounting fraud, bringing it closer to resolving a costly legal dispute with the bankrupt energy trader. CIBC, which on Tuesday agreed to pay former Enron investors $2.4 billion, is the third of 10 financial institutions to settle so-called MegaClaims litigation.
August 3, 2005 |
Canadian Imperial Bank of Commerce agreed Tuesday to pay $2.4 billion to investors who lost money in the collapse of Enron Corp., the biggest settlement yet in a series of deals negotiated by lawyers for the University of California. The accord brings the recovery pool in the case stemming from the Houston energy trader's stunning downfall in 2001 to a record $7.1 billion and counting, topping the $6.1 billion collected in the class action involving fallen telecom giant WorldCom Inc.
August 19, 2004 |
British bank Barclays said it would buy credit card company Juniper Financial Corp. from Canadian Imperial Bank of Commerce for $293 million in cash, gaining a toehold in the U.S. consumer banking market. Fast-growing Juniper, based in Wilmington, Del., has $1.4 billion in receivables and 700,000 accounts. It was founded in 2000 and issues cards for companies including hotel operator Best Western International Inc. and Frontier Airlines Inc.
February 4, 2004 |
A former managing director at Canadian Imperial Bank of Commerce was charged with helping to finance improper mutual fund trading, as regulators broaden their probe of the $7.4-trillion fund industry to target banks. Paul Flynn, 46, was arrested near his suburban New York home, New York Atty. Gen. Eliot Spitzer said in a statement. If he is convicted, Flynn would face up to 25 years in prison for the five felony charges, which include larceny and fraud. He was accused of stealing $1 million.