Reuters UK (Free subscription) | 07/23/2008
TORONTO (Reuters) - An investor has proposed a class-action suit in an Ontario court against Canadian Imperial Bank of Commerce , bank President and Chief Executive Gerald McCaughey, and others, claiming they failed to fully disclose the bank's exposure to plunging U.S. subprime mortgage investments, a Toronto law firm said on Wednesday.
atHome Top Story (Free subscription) | 07/23/2008
A group of investors has launched a "multibillion-dollar" class-action lawsuit against the Canadian Imperial Bank of Commerce, alleging misrepresentations about the bank's exposure to the American subprime mortgage market.
Banking Business Review (Free subscription) | 07/22/2008
Canadian Imperial Bank of Commerce has opened a new 7,300 square-foot full-service branch in Calgary, Alberta, Canada.
Seeking Alpha (Free subscription) | 07/18/2008
FP Trading Desk submits: The third quarter of 2008 will no doubt see more credit crunch writedowns at Canadian Imperial Bank of Commerce (CM) but at least one analyst says the bank has enough in reserve to cover the charges. UBS analyst Peter Rozenberg pegs the bank’s likely Q3 losses at about C$2-billion, or C$1.3-billion after tax. That will push CIBC’s total writedowns so far to C$8.7-billion....
Market Wire (Free subscription) | 07/14/2008
TORONTO, ONTARIO (MARKET WIRE) Commerce Split Corp. ("Commerce Split") was created to provide exposure to the common shares of Canadian Imperial Bank of Commerce (CIBC) through two classes of securities, the Priority Equity Shares and the Class A Shares (a "Unit"). As stated in the prospectus, holders of the Priority Equity Shares are to be provided with a stable yield and downside protection on the...
Progressive Bloggers (Free subscription) | 07/14/2008
The employees of the Sudbury branches of the Canadian Imperial Bank of Commerce have been on strike for about six months. These employees are mostly women. The women's committee within a Steelworkers local in the city are organizing local women activists in support of the striking workers. Here is the information that I received in a relayed email:Women of the Community Unite In Support of Striking...
Morton's Musings (Free subscription) | 07/11/2008
It is fairly common for settlements of litigation involving consumer/small business matters to raise issues about the defendant's credit rating following settlement. Martinek v. Canadian Imperial Bank of Commerce, 2008 CanLII 32813 (ON S.C.) deals with a claim arising out of such a settlement. In essence the plaintiff claimed breach of settlement, and related torts, because the Bank recorded a negative...
Stock exchange updates (Free subscription) | 07/04/2008
Canadian Imperial Bank May Rise on UBS; EnCana Poised to Drop Bloomberg - USA By John Kipphoff July 4 (Bloomberg) -- Canadian Imperial Bank of Commerce may gain, based on bids on the Toronto Stock Exchange, after UBS AG quelled Read more
NewsBusters (Free subscription) | 06/27/2008
Expensive gas isn't so bad to the "CBS Evening News," as long as it promotes an agenda that caters to left-of-center sensibilities and makes Americans behave more like Europeans. Economists from Canadian Imperial Bank of Commerce (CIBC) (NYSE: CM ) forecasted $7-a-gallon gas prices by 2010 , which according to some analysts would force 10 million vehicles off U.S. roads over four years. CIBC based...
Seeking Alpha (Free subscription) | 06/24/2008
FP Trading Desk submits: Canadian Imperial Bank of Commerce (CM) may be forced to raise more capital after another of the bank’s monoline counterparties ran deeper into trouble, said Blackmont Capital analyst Brad Smith. CIBC has already taken C$6.7-billion in writedowns on structured products linked to the U.S. subprime mortgage market. It will likely take another C$1-billion hit in the third quarter...
Reuters UK (Free subscription) | 06/23/2008
TORONTO (Reuters) - Canadian Imperial Bank of Commerce will have to write off at least C$1 billion ($984 million) in the current quarter because of exposure to bond insurers, Blackmont Capital Inc said in a note on Monday.
Market Wire - Investment Opinion (Free subscription) | 06/17/2008
LONDON (MARKET WIRE) MaybachFinancial.com is one of the fastest growing independent and unbiased research firms in the world. Through our numerous partnerships with many of the top investment minds in the world, we provide research on companies making a move in the markets. Investors seeking genuine analyst opinions on their investments for CANADIAN IMPERIAL BANK OF COMMERCE (TSX: CM), TEMBEC INC (TSX:...
Market Wire - Financial Services: Personal Finance (Free subscription) | 06/13/2008
TORONTO, ONTARIO (MARKET WIRE) Commerce Split Corp. ("Commerce Split") was launched on February 16, 2007 and was created to provide exposure to the common shares of Canadian Imperial Bank of Commerce (CIBC) through two classes of securities, the Priority Equity Shares and the Class A Shares. As stated in the prospectus, holders of the Priority Equity Shares are to be provided with a stable yield and...
Banking Business Review (Free subscription) | 06/09/2008
Canadian Imperial Bank of Commerce has opened a new full-service branch in Vaughan, Ontario.
Seeking Alpha (Free subscription) | 06/02/2008
FP Trading Desk submits: Most analysts set the bar very low for Canadian Imperial Bank of Commerce (CM) in the second quarter of 2008. However, as it turned out, when the bank released its results Thursday, expectations were not quite low enough. A loss of C$1.1-billion in the quarter seemed to surprise the Street. The bank’s C$2.5-billion writedown was worse than most had anticipated, and the performance...
