Canadian Imperial Bank of Commerce last night agreed to pay $2.4bn (€2bn) to settle with investors in Enron, the collapsed US energy firm. It is the largest class-action securities settlement on record, and comes two weeks after the bank paid $125m to settle allegations of improper mutual fund trading.

CIBC's payment in the $30bn class-action suit by Enron shareholders is greater than that of Citigroup, which paid $2bn in June, and JP Morgan Chase, which paid $2.2bn four days later.