(Reuters) – Canadian Imperial Bank of Commerce (CIBC) said on Friday it would appeal a New York court’s ruling in a lawsuit brought against the bank by an entity of U.S. private equity firm Cerberus Capital Management.
The lawsuit, filed in 2015, relates to an October 2008 transaction in which CIBC issued a limited recourse note – a form of debt – to the Cerberus-controlled fund.
Cerberus had alleged that CIBC defaulted on certain payments and is seeking damages of $1.067 billion. CIBC said it had satisfied all its obligations.
New York-based Cerberus did not immediately respond to a request for comment.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)
