CIBC Announces Agreement with Lehman Estate

TORONTO, Dec. 31, 2012 /CNW/ - CIBC (TSX:CM) (NYSE:CM) announced today it has 
reached a settlement with the Lehman Estate. 
Following the September 15, 2008 bankruptcy filing of Lehman Brothers 
Holdings, Inc. (Lehman), CIBC recognized a gain of US$841 million, resulting 
from the reduction to zero of its unfunded commitment on a variable funding 
note (VFN) issued by a collateral debt obligation (CDO). This reduction 
followed certain actions of the indenture trustee for the CDO following the 
September 15, 2008 bankruptcy filing of Lehman, the guarantor of a related CDS 
agreement with the CDO. 
In September 2010, the Lehman Estate instituted a proceeding against numerous 
global financial institutions,indenture trustees and note-holders, including 
CIBC, relating to this and more than 40 other CDOs, claiming that the 
indenture trustees' actions were improper and thatCIBC was obligated to fund 
the VFN. 
Under the terms of the agreement, CIBC will remit US$149.5 million ($110.3 
million after tax) to the Lehman Estate. 
Stephen Forbes (416) 728 7795 
SOURCE: CIBC 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/31/c3638.html 
CO: CIBC - Investor Relations
ST: Ontario
NI: FIN FIN LAW VERDICTS LAWVIEWS  
-0- Dec/31/2012 13:30 GMT
 
 
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