CIBC files appeal against Cerberus lawsuit
2022.12.02 10:07
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CIBC files appeal against Cerberus lawsuit
Budrigannews.com – “On Friday, the Canadian Imperial Commercial Bank (CIBC) announced an appeal against the decision of the New York Court on a lawsuit filed against the bank, a subsidiary of the American private investment bank “Cerberus Capital Management”.”
“Cerberus demanded damages in the amount of $ 1,067 billion after CIBC said the inability to make certain payments.” CIBC reported on the fulfillment of all its obligations. The court found the creditor liable, but the amount he will have to pay has not yet been determined. According to IBC, the parties will be able to challenge the damage caused on December 19 at a hearing.
The 2015 issue relates to a transaction that was made at the end of October 2008, when CIBC provided investments to a fund managed by Serberus for the exchange of a bond with a limited right of recourse. At the height of the crisis, CIBC helped CIBC control the residential market in the United States and significantly reduce its impact on them.
Without providing any data, IBC expects that the situation related to this issue will be recognized in the results of its first quarters, which will be published in March. It is also said that earlier the bank believed that the case “is very likely to be won” in court. Cerberus, which is headquartered in New York, did not immediately respond to a question for comment.
Legitimate migraines turned to certain organizations almost ten to fifteen years after the catastrophe of the financial crisis. In October, the bank from America agreed to pay Ambac Finance, the bond insurer, $1.84 billion, as well as to complete the remaining significant claims of the loan shark in connection with the accident.
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