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by Mike Caswell

CIBC World Markets Inc. has filed a lawsuit in the Supreme Court of British Columbia against former employee Eric Southam, seeking money that the firm overpaid him. CIBC says that Mr. Southam's employment ended in September, 2024, and the firm later realized that it had paid him $174,857 he should not have received. The firm has since demanded the return of the money, with no result, the suit claims.

The allegations are contained in a notice of claim that CIBC filed on Sept. 29, 2026, at the Vancouver courthouse. The suit identifies Mr. Southam as a Vancouver resident who worked as an investment adviser at CIBC until Sept. 13, 2024. He had been with the firm since at least 2009.

The case arises from Mr. Southam's departure from CIBC, which occurred on Sept. 13, 2024. (CIBC's lawsuit describes Mr. Southam's departure as a termination, but Mr. Southam says that he resigned.) CIBC does not say why Mr. Southam's employment ended, but it does say that it performed some calculations related to his compensation after he left. CIBC determined that "Mr. Southam had received remuneration in excess of the amount to which he was entitled under the ALP Agreement."

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