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Suit filed against CIBC over U.S. index fund

Investors whose retirement mutual fund didn't perform the way they expected are suing the fund's administrator, Canadian Imperial Bank of Commerce. A Montreal law firm said yesterday a Quebec Superior Court judge has authorized a suit against CIBC Asset Management Inc. on behalf of everyone who held units in the Renaissance U.S. RSP Index Fund after March 28, 2002. The Quebec class action argues that since CIBC became administrator of the fund, it has produced returns 18 per cent below the indexes it is intended to track. That paper loss amounts to an estimated $22- million, said Robert Kugler, a lawyer at the firm. CIBC spokeswoman Mary Lou Frazer said only: "Our policy is not to comment on cases before the courts."

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