NEW YORK (Reuters) - Canadian Imperial Bank of Commerce has agreed to pay more than $100 million to settle accusations it provided financing to clients who engaged in improper mutual-fund trading, The Wall Street Journal reported on Wednesday.
No comment was immediately available from CIBC.
The newspaper, citing people familiar with the matter, said that federal and state regulators were expected to file civil fraud charges against the bank as early as Wednesday.
The charges would be brought by the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer, but CIBC's settlement would not admit or deny the allegations, the newspaper said, adding that a spokesman for the firm had declined to comment.
The Journal said the CIBC settlement was part of a broad probe by the SEC and Spitzer into abusive trading practices and conflicts of interest in the mutual-fund industry.
Several of the nation's largest mutual funds, as well as several banks, are either under investigation or have agreed to settle charges that they engaged in or allowed improper trading.
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