Canadian mortgage lender could face trial

One of Canada’s largest banks and mortgage lenders could face a Supreme Court trial following a ruling Friday that will allow a lawsuit to proceed as a class action. CIBC will have to answer allegations from shareholders that they were misled over the bank’s exposure to the US subprime mortgage market. The lawsuit could potentially mean damages as high as $4 billion but that would require extensive evidence from individuals that they relied on the bank’s information. “We continue to believe that CIBC’s conduct was appropriate and that our disclosure met applicable requirements,” CIBC spokesman Kevin Dove told The Globe and Mail, “If this matter proceeds to trial, we intend to vigorously defend it on the merits.”

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