Izard Nobel LLP Announces Class Action Lawsuit against Canadian Imperial Bank of Commerce

The Complaint charges that CIBC and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose that: (i) CIBC did not make timely disclosure of material changes affecting the valuation of its investments in collateralized debt obligations consisting of U.S. subprime mortgages; (ii) CIBC's hedged subprime exposure was nearly four times larger than its unhedged subprime exposure; and (iii) 35% of CIBC's hedged subprime exposure was entrusted with a substantially undercapitalized financial guarantor.

On December 6, 2007, CIBC revealed that its write-downs had already reached $1 billion, and warned of significantly higher losses related to its $9.8 billion in hedged exposure to the subprime market. Then, On May 29, 2008 CIBC took a $2.51 billion loss related to its structured credit activities.

If you are a member of the class, you may, no later than November 18, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com, or visit our website: www.izardnobel.com.

SOURCE: Izard Nobel LLP

Izard Nobel LLP Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499 firm@izardnobel.com www.izardnobel.com