Bank denies liability after alleged $343K misdirected deposit [BNN Bloomberg (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: BNN Bloomberg
In February, Taylor McCaffrey LLP filed a lawsuit against the Canadian Imperial Bank of Commerce (CIBC) over an alleged misdirected deposit on Aug. 2, 2024. The law firm says it was acting for a client in a real estate transaction and had instructed that $343,335 be transferred from a mortgage lender into its trust account at CIBC's One Lombard Place branch in Winnipeg. According to the claim, the firm contacted the bank on Aug. 7 after the funds did not arrive. It was then informed the money was deposited into the wrong account due to an incorrect transit number. In November, the bank allegedly told the firm the funds were “unrecoverable” because they had already been withdrawn. However, in its statement of defence filed last week, CIBC denies liability, arguing it followed proper procedures and processed the transfer in accordance with Payments Canada rules. The bank says the funds were deposited on Aug. 2 using the incorrect transit number provided by the law firm and credit
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CM
Earnings
- 2/26/26 - Beat
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Sec Filings
- 3/31/26 - Form FWP
- 3/31/26 - Form FWP
- 3/31/26 - Form FWP
- CM's page on the SEC website