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CIBC to pay $125 mln in Spitzer, SEC fund probe

Date: Thursday, July 21, 2005
Author: www.opalesque.com

Canadian Imperial Bank of Commerce will pay $125 million to settle U.S. regulatory accusations that it financed hedge funds that engaged in improper mutual fund trading activities, the bank and regulators said on Wednesday. CIBC will repay $100 million in ill-gotten gains and pay $25 million in penalties in an agreement reached with the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer.