U.S. Regulators May Sue Canadian Imperial Bank
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From Reuters
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.
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