Cerberus to Invest $1.05 Billion in CIBC's US Real Estate Portfolio

Dow Jones Newswires, Monica Gutschi, 3 October 2008Canadian Imperial Bank of Commerce, which has been badly hurt by its exposure to the U.S. residential real-estate market, announced a deal Friday that will reduce its remaining risk to that market but allow it to reap the benefits if the market rebounds.The bank's shares are higher on the news.Under the deal, Cerberus Capital Management will