According to news reports, the Canadian Imperial Bank of Commerce (CIBC), has agreed to settle claims asserted against it in the securities class action filed on behalf of Global Crossing Ltd. and Asia Global Crossing Ltd. shareholders, pending in the Southern District of New York.
While terms of the settlement have not yet been disclosed, sources indicated that the settlement is likely in the range of $20 million.
The lead plaintiffs in the Global Crossing litigation are the Public Employees' Retirement System of Ohio (OPERS) and the State Teachers' Retirement System of Ohio (STRS). Lead counsel is Grant & Eisenhofer P.A.
Remaining defendants include Goldman Sachs and Merrill Lynch, two of Global Crossing's underwriters.