CIBC announced Friday that it has finally settled 2004 charges that former trader Paul Flynn permitted hedge funds to market time mutual funds.
CIBC said it had reached an amicable resolution with Flynn and was sympathetic to the difficulties he has faced over the past five years. Flynn sued CIBC, saying the bank misrepresented his role in the mutual fund market-timing scandal.
CIBC has dropped all charges against Flynn, who was the managing director of equity investments at CIBC World Markets. The former New York Attorney General dropped his charges against Flynn in 2005, as did the Securities and Exchange Commission, in 2006.