CIBC to Settle Legal Dispute With Enron

Canadian Imperial Bank of Commerce said it would pay Enron Corp. $250 million to resolve claims that the lender aided accounting fraud, bringing it closer to resolving a costly legal dispute with the bankrupt energy trader.

CIBC, which on Tuesday agreed to pay former Enron investors $2.4 billion, is the third of 10 financial institutions to settle so-called MegaClaims litigation.