12/04/2015 15:00 EST | Updated 12/04/2016 00:12 EST

Supreme Court rules that class-action lawsuit against CIBC can proceed to trial

TORONTO — The Supreme Court of Canada has dismissed an appeal by CIBC, allowing a class-action lawsuit brought by shareholders against the bank to proceed to trial.

The bank is alleged to have failed to adequately disclose its exposure to the U.S. subprime market.

Canadian Imperial Bank of Commerce (TSX:CM) has said it would defend itself "vigorously" against the allegations, which have not been proven in court.

The case will be heard in the Ontario Superior Court of Justice in Toronto.

Joel Rochon, the lawyer representing the shareholders, said he expects the trial to begin some time in the next 12 to 18 months.


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The Canadian Press