Offering sufficient evidence of bad intent in a securities fraud case was never easy for plaintiffs lawyers—-and the subprime crisis has not made it any easier. Shareholders who sued Canadian Imperial Bank of Commerce and four bank executives are the latest to learn that lesson.
Last week, Southern District Judge William Pauley III dismissed their class action in Plumbers & Steamfitters Local 773 Pension Fund v. the Canadian Imperial Bank of Commerce, 08 civ. 8143, saying that plaintiffs had not satisfied securities action pleading standards.
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