Op risk data: Cerberus fight bites $850m off CIBC
Also: SEC targets dodgy disclosures; Commerzbank’s Wirecard hit. Data by ORX News
Toronto-based Canadian Imperial Bank of Commerce incurred January’s largest operational risk loss, when the New York State Supreme Court ordered it to pay US$848 million in damages over a contract dispute with private equity firm Cerberus Capital Management.
Cerberus filed a complaint against the bank on October 30, 2015, alleging that the bank had breached its contract by failing to make repayments on loans totalling $651 million. The loans, issued in 2008, were designed to reduce CIBC’s
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