Canadian Imperial Bank of Commerce has agreed to pay $149.5 million to the estate of Lehman Brothers Holdings Inc. to resolve litigation over a collateralized debt obligation tied to the bankruptcy of the former Wall Street bank, Reuters reported on Monday. The settlement resolves litigation that began on Sept. 14, 2010, when Lehman sued CIBC and dozens of others to recover more than $3 billion it said it had been deprived of due to its chapter 11 filing two years earlier. Lehman sought to hold CIBC responsible for much of the more than $1.3 billion due under an agreement requiring the Canadian bank to cover payment shortfalls tied to a large CDO transaction.
