Canadian mortgage lender could face trial

by Steve Randall07 Dec 2015
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.”

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?