N.Y. court issues liability ruling against CIBC in Cerberus lawsuit

CIBC says a New York court has issued a liability ruling against the Canadian bank in a lawsuit brought by Cerberus Capital Management LP. Cerberus filed the lawsuit in November 2015. The case related to an October 2008 transaction where CIBC issued a limited recourse note to Cerberus specifying certain payment streams, and a subsequent transaction in 2011 where CIBC sold a residual interest in the streams to the private equity firm. Cerberus claimed damages of $1.067 billion at trial earlier this year.