Canadian Imperial Bank of Commerce said that it will pay $2.4 billion to settle its part of a class-action lawsuit stemming from the collapse of energy trader Enron Corp.
The settlement does not include any admission of wrongdoing by CIBC, and the bank said that it agreed to the settlement to eliminate the uncertainties and expense of further litigation. The lawsuit is pending in the U.S. District Court in Houston, and the settlement must be approved by the University of California, the lead plaintiff in the case.
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