Delaware’s Laster Rejects Unusual Deal Proposed by Objectors in CIBC Investor Case

February 11, 2013

Delaware Vice Chancellor J. Travis Laster has approved a $13.25 million settlement of a class action filed over a fund created by Canadian Imperial Bank of Commerce. Laster refused to let objecting investors take over the case and try to get a better deal. The objectors had followed a novel "topping" proposal suggested by Laster, but the judge rejected the deal because of the involvement of a litigation financing firm.