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Misrepresentations were found in CIBC’s quarterly financial filings and public oral statements about the Canadian bank’s investments in the United States and its exposure to U.S. residential mortgage-backed securities between May 31, 2007 and February 28, 2008, according to a statement from lawfirm Rochon Genova.
The Ontario Superior Court of Justice approved the settlement, which was reached in December, according to the statement.
($1 = 1.2709 Canadian dollars)
