A settlement has been reached in the class action against CIBC and certain of its former officers alleging misrepresentations made by CIBC and certain of its officers between May 31, 2007 and February 28, 2008. These alleged misrepresentations were in CIBC quarterly financial statements and MD&A, public oral statements and filings with securities regulators, regarding material information relating to CIBC’s investments in and exposure to United States residential mortgage-backed securities (“US RMBS”).

The Settlement Agreement provides for the payment of CAD$125,000,000.00 (the “Settlement Amount”) in consideration of the full and final settlement of the claims of Class Members. The Settlement Amount includes all legal fees, disbursements, taxes, administration expenses, and the levy payable to the Class Proceedings Fund of the Ontario Law Foundation.

The Ontario Superior Court of Justice has authorized that notice be sent to potential members of the Settlement Class. All persons, wherever they may reside or be domiciled (except residents of the United States of America) who acquired common shares of CIBC listed on the Toronto Stock Exchange during the period from and including May 31, 2007 to and including February 28, 2008 (the “Class Period”) and still held any of those acquired CIBC common shares at the close of trading on the Toronto Stock Exchange on any or all of November 9, 2007, November 13, 2007, November 14, 2007, November 19, 2007, December 5, 2007, December 6, 2007, and December 7, 2007 (“Public Correction Dates”), other than certain Excluded Persons* and those who validly opted out pursuant to the notice of certification issued on October 5, 2016 ("Class Members").

Receipt of the Notice does not mean that you are a member of the Class or that you will be entitled to receive a payment. The Parties do not have access to your individual investment information. If you wish to be eligible for a payment, you are required to submit the Claim Form no later than September 16, 2022.

Yes. There are some individuals and entities who are excluded by definition from recovering from the settlement proceeds.

The following are Excluded Persons:

1. CIBC and its past and present subsidiaries, affiliates, officers, directors, legal representatives, heirs, predecessors, successors and assigns, and any spouse or child of the Individual Defendants, and any person who validly opted out of the Class.

To be eligible to receive a payment from the Settlement, eligible Securities Claimants must submit a duly completed Claim Form, including the required supporting documentation, to the Administrator no later than September 16, 2022 and their claim must satisfy the criteria set out in the Distribution Protocol that can be found here.

Separate Claim Forms should be submitted for each legal entity. For example, a claim submission from joint beneficial owners should include only the transactions of the joint beneficial owners, and not include any separate transactions of just one (1) of the joint owners. Conversely, a single Claim Form should be submitted on behalf of each individual owner and include all transactions made by that owner on one (1) Claim Form, no matter how many separate accounts that owner has (e.g., an individual shareholder with multiple accounts should include all transactions made in all accounts on one (1) Claim Form).

Please note: Separate Claim Forms should be submitted for each legal entity. For example, a Trust account or Retirement account are separate entities from an Individual account. Therefore, each account that is a separate legal entity should be submitted as its own claim.

One (1) Claim Form must be submitted for the joint account. Once the claim processing is complete, and if the claim is approved, the payment may be requested to be split into two. Documentation such as a separation agreement must be submitted to show the agreement made between the joint beneficial owners (i.e., each entitled to 50%).

An individual claim submitted by an individual or entity on their own behalf, or on behalf of others such as estates, executors, administrators, guardians, and trustees, should provide the following information.

Any documentation provided must include the claimant's name, account number and address.

Appropriate documentation to support your claim includes:

• Trade Confirmation - Trade confirmation slips showing the trade date, quantity, price per security and net amount of the transaction are acceptable forms of documentation to support your purchases and/or sales.
  
  
• Official monthly, quarterly or other periodic broker statements - Monthly, quarterly or other periodic statements provided by your broker listing your transactions are sufficient to prove purchase and sale transactions so long as the necessary information for that transaction is included, such as the trade date, quantity and price paid or received for each security, and the total amount paid or received for each transaction. These statements may also be used to support the quantity of securities held after the class period has ended, if such section is provided in the document. On your claim form, these will be listed as Beginning Holdings and Ending Holdings.
  
  
• Official authorized broker generated statements.

Please Note: The Administrator, Class Counsel or the Court reserve the right to request additional information or documentation.

Spreadsheets, charts, tax forms, handwritten information, and other documentation prepared by the claimant are not considered adequate supporting documentation.

Important: If such documents are not in your possession, please obtain copies or equivalent contemporaneous documents from your broker. Failure to supply this documentation could delay verification of your claim and could result in rejection of your claim.

Do not send original documents. Please keep a copy of all documents that you send to the Administrator.

Nominee Claim Submissions

Click here for the Nominee page.

If you are a Nominee, you must provide the following five (5) documents:

1. DULY COMPLETED MASTER CLAIM FORM

• You must submit one (1) master Claim Form per submission. Your submission may contain one or more accounts.
  
  
• You must complete the Claimant Identification section, (Section II on page 4) and the Acknowledgements section (Section IV on page 7). The Claimant Identification Page must contain your institution contact information. The Acknowledgements Page must be signed by an authorized signatory who is listed in your signature verification document and must state the capacity (job) of the signatory.

2. SIGNATURE VERIFICATION DOCUMENT

• If you are an institution or claim preparer filing on behalf of client/customer or proprietary accounts (i.e., not an individual claimant), you must provide a document verifying that the individual who signed the Claim Form and any supplemental documents is authorized to sign on behalf of his/her company.
  
  
• Some common types of documents that fulfill this requirement include the following. (Please note that some entities may have different documents that fulfill this requirement. If you cannot submit the documents listed below, you must submit an equivalent document):
  
  - Copy of company's By-Laws, including signature page(s)
  
  - Copy of company's Corporate Resolution, including signature page(s)
  
  - Notarized affidavit signed by an officer of the institution clearly granting a specific individual(s) authorization or confirming his/her authority to sign on behalf of his/her company.

3. DATA VERIFICATION DOCUMENT(S)

• If you are an institution or claim preparer filing on behalf of client/customer or proprietary accounts (i.e. not an individual claimant), you must provide a notarized affidavit or signed letter on firm letterhead which meets the below criteria:

- Confirms the number of distinct accounts and transactions on your file

- Discloses the source of your data (i.e. internal data retention system)

- Attests to the truth and accuracy of the transactions and holdings on your electronic file

- Is executed by an authorized signatory who is listed on your signature verification document, and specifies both the capacity and contact information of that signatory.

4. AUTHORIZATION DOCUMENT (IF FILING ON BEHALF OF CLIENT OR CUSTOMER ACCOUNTS)

• If you are an institution or claim preparer filing on behalf of client/customer accounts (i.e. not an individual claimant), you must provide a current document verifying that you are authorized to file and sign claims on behalf of your clients.

• Some common types of documents that fulfill this requirement include the following:

- Power of Attorney

- Service Agreement

- Signed/dated letter on client's company letterhead specifically granting your company authority to file/sign claims on their behalf.

- Notarized affidavit or signed letter on your company's letterhead confirming your authority to file and sign claims on behalf of your clients. It must be executed by an officer of the company who is also listed on your signature verification document and reference the capacity and contact information of the signatory.

Please note that some entities may have different documents that fulfill this requirement. If you cannot submit the documents listed below, you MUST submit an equivalent document.

5. EXCEL SPREADSHEET CONTAINING TRANSACTIONS AND HOLDINGS

You must provide all transactions and holding amounts for each account you are filing for by following the required format set out in the Electronic Filing Instructions.

Click here to download the Electronic Filing Instructions.

Click here to download the Microsoft Excel Preformatted Spreadsheet for submitting your transactions.

ADDITIONAL DOCUMENTATION (IF REQUESTED) - DATA INTEGRITY AUDIT

The Administrator may request that certain entities, as designated by Epiq, which submit claims electronically provide additional documentation to support certain transactions and/or holdings in the claims. This data integrity audit is designed to verify the overall integrity of a data submission. Accordingly, the documentation provided must be independent in nature and sufficient to verify the validity and accuracy of the entire data submission. Even if you provided a letter/affidavit attesting to the truth and accuracy of your data when initially submitting your claim electronically, we will require specific documentary evidence (trade confirmations, monthly statement, or equivalent), to independently verify the details of the transactions and/or holdings requested, if your claim is selected for a data integrity audit.

If you are filing a claim on behalf of an individual or joint account owners:

Some common types of documents that fulfill this requirement include the following:

• Copy of a Retainer Agreement
• Copy of a Power of Attorney; or
• Signed letter from the Beneficial Owner(s)

If you are filing a claim on behalf of any other business or legal entity:

Some common types of documents that fulfill this requirement include the following:

• Copy of company's By-Laws, including signature page(s) 
• Copy of company's Corporate Resolution, including signature page(s)  
• Copy of the Articles of Incorporation 
• Signed letter on the company’s letterhead by an officer of the filing institution or company clearly granting you authorization to file/sign on behalf of the company

The nine-digit, alphanumeric CUSIP number that is used to identify CIBC common stock is 136069101.

P means Purchase - When you purchased your shares - There is a price associated with the transaction.

R means Receipt - A transfer of shares into an account. Generally, if you did not pay money for the received shares that were transferred, they should be considered transferred shares (a transfer in).

S means Sale - When the shares are sold or disposed of – There is a price associated with the transaction.

D means Delivery - A transfer of shares out of an account. Generally, if you did not receive money for the delivered shares, they should be considered transferred shares (a transfer out).

Use the account number for the account where the shares were purchased (should match the documentation that you are submitting).

Please note: you must file one (1) claim per beneficial owner, regardless of the number of accounts.

The commissions must be included in the total purchase and total sale amount.

Yes, you will be notified if your claim is deficient or rejected to give you an opportunity to remedy any deficiency in the completion of a Claim Form. The Administrator may request and require via email or mail, if an email address is not available, that additional information and/or documentation be submitted by a claimant by a certain deadline.

Any person who does not respond to such a request for information within the required time period will be barred from receiving any payments pursuant to the Settlement.

The Court appointed the law firms Rochon Genova LLP and Himelfarb Proszanski LLP to represent the Class. These firms are called Class Counsel. Class Counsel is tasked with acting in the best interests of the Class as a whole. You may contact Class Counsel for information about the Settlement.

Click here for Class Counsel’s contact information.

The Net Settlement Amount will be distributed to eligible Class Members in accordance with a Distribution Protocol approved by the Court.

The Administrator will apply FIFO to identify the sale of CIBC securities held prior to the beginning of the Class Period. The Administrator will then apply FIFO to the sale of CIBC securities purchased during the Class Period and sold prior to November 9, 2007 (inclusive). These matched transactions are not Eligible Securities. The Administrator will then continue to apply FIFO to determine the purchase transactions which correspond to the sale of Eligible Securities, i.e. those purchases that were subsequently held over a Corrective Event.

For each share of publicly traded CIBC common stock purchased or otherwise acquired during the period from May 31, 2007, through December 6, 2007, inclusive, Paragraphs 12(a) through 12(e) of the Distribution Protocol will aid in the determination of their Notional Entitlement Amount.

CIBC common shares deemed to have been acquired between December 7, 2007 and February 28, 2008 will receive a Notional Entitlement of zero (0).

A copy of the Executed Settlement Agreement is available by clicking here.