CIBC wins appeal against former employee Bockhold
2026-02-20 19:53 ET - Street Wire
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by Mike Caswell
CIBC World Markets Inc. has defeated an appeal by Murray Bockhold, a former employee who has been fighting the firm in court since 2018. The Court of Appeal for British Columbia has upheld a prior $250,000 decision against Mr. Bockhold, who had claimed that he was wrongfully dismissed for reporting "malfeasance and market manipulation" with small mining companies. CIBC said that Mr. Bockhold failed to repay a loan upon his departure from the firm.
The loss for Mr. Bockhold is contained in a ruling released on Thursday, Feb. 19. Three appeal court judges have upheld a summary judgment from May 12, 2025, in which Mr. Bockhold was ordered to pay CIBC $250,000 plus interest (which amounted to $42,587 at the time).
Thursday's decision dealt with a loan that CIBC had provided Mr. Bockhold when he worked at the firm. That portion of the case was relatively straightforward. CIBC said that it lent Mr. Bockhold $1-million, with the terms of the loan requiring that he repay it when he left the firm. Mr. Bockhold failed to do so, which resulted in CIBC suing him for the money. The parties initially settled the matter out of court, with Mr. Bockhold agreeing to pay $500,000. The problem was that he only paid $250,000 and then returned to court to contest the remaining money.
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"CIBC said that it lent Mr. Bockhold $1-million, with the terms of the loan requiring that he repay it when he left the firm"
A loan of one million CAD in 2018 would be $1,238,700 in today's currency and one might presume that he must have been either a very hot prospective employee or a deep-pocket individual for CIBC to grant him a loan, but it seems that there is a bit more history involved.
"A former rep has been ordered to repay the balance of a $1-million interest-free loan he received upon joining CIBC Wood Gundy, after a court rejected his rationale for refusing to pay under a settlement with the firm.
According to a decision from the Supreme Court of British Columbia, Murray Bockhold received the loan in 2013 when he joined Wood Gundy. When the firm terminated him in 2018, he still owed about $600,000. The firm sued to recover the outstanding amount.
https://www.investmentexecutive.com/news/from-the-regulators/ex-rep-ordered-to-repay-brokerage-loan/"
Posted by halcrow at 2026-02-20 21:58