The Canadian Imperial Bank of Commerce is facing a class-action lawsuit in relation to the market timing scandal battering the mutual fund industry, reports The Globe and Mail.
The newer suit claims CIBC facilitated the illegal late trading conducted by MFS and helped defraud investors. It spans from 2001 to 2003. Paul Flynn, the former CIBC managing director of equity investment accused of providing financing for hedge funds that engaged in the late trading and timing activities, is named in the suit.
CIBC has yet to file a statement of defense.