Canadian Imperial Bank Of Commerce

Canadian Imperial Bank of Commerce faces legal action by U.S. regulators for providing as much as $1 billion of financing to investors who made improper mutual fund trades, according to people familiar with the probe. Both New York Atty. Gen. Eliot Spitzer and the Securities and Exchange Commission are considering filing suits against Toronto-based CIBC, the sources said. CIBC declined to comment.

A trustee for creditors of Global Crossing Ltd., which emerged from bankruptcy protection in December 2003, sued Canadian Imperial Bank of Commerce for $2 billion in alleged insider trading profits. The trustee accused Toronto-based CIBC of using inside information to illegally trade in the telecommunications company's shares, according to a lawsuit filed Tuesday in U.S. Bankruptcy Court in New York. The trustee is seeking to raise money for creditors still owed $6.

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.

Canadian Imperial Bank of Commerce agreed to pay $496,958 to settle U.S. allegations it broke the law by underwriting municipal securities for the state of California after paying for campaign donations to former Gov. Gray Davis and five other politicians, regulators said Monday. CIBC World Markets Corp.

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.

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.

Canadian Imperial Bank of Commerce and British banking group Barclays said they are in talks to combine their Caribbean operations in a joint venture called FirstCaribbean International Bank. Barclays and CIBC, Canada's third-largest bank by assets, would each hold about 45% of the bank, with the rest held publicly. Eventually, the 10% public stake would be raised to 20%.

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.

A trustee for creditors of Global Crossing Ltd., which emerged from bankruptcy protection in December 2003, sued Canadian Imperial Bank of Commerce for $2 billion in alleged insider trading profits. The trustee accused Toronto-based CIBC of using inside information to illegally trade in the telecommunications company's shares, according to a lawsuit filed Tuesday in U.S. Bankruptcy Court in New York. The trustee is seeking to raise money for creditors still owed $6.

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.

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.

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.

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.

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.

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.

Entertainment executive Michael Ovitz and an investor group he manages have sued Canadian Imperial Bank of Commerce, alleging the bank acted fraudulently in leading the Ovitz group to invest $20 million in Livent Inc. In court documents, lawyers for Ovitz and Lynx Venture claim Canadian Imperial misrepresented a loan agreement with Livent in 1997, then covered up evidence to aid Livent in receiving the Lynx investment.

Canadian Imperial Bank of Commerce and Toronto-Dominion Bank joined the North American banking consolidation wave with a $15.9-billion merger, the second-largest corporate marriage in Canadian history. It is Canada's second big bank merger in recent months and is likely to further anger the government, which is refusing to give its blessing to mergers among big banks until it completes a parliamentary study on the industry. CIBC would pay $15.

Canadian Imperial Bank of Commerce faces legal action by U.S. regulators for providing as much as $1 billion of financing to investors who made improper mutual fund trades, according to people familiar with the probe. Both New York Atty. Gen. Eliot Spitzer and the Securities and Exchange Commission are considering filing suits against Toronto-based CIBC, the sources said. CIBC declined to comment.

Canadian Imperial Bank of Commerce, Canada's third-largest bank, agreed to pay $80 million to settle Securities and Exchange Commission allegations that it contributed to the collapse of Enron Corp. by helping the energy trader inflate profit and hide debts. In addition, Daniel Ferguson, 52, a former bank executive vice president, will pay $563,000 and be barred from serving as an officer or director of a public company for five years.