Investors launched a multibillion dollar class action lawsuit Wednesday against the Canadian Imperial Bank of Commerce, alleging it downplayed its exposure to the US subprime mortgage meltdown.

Investors who purchased CIBC shares between May 31, 2007 and February 28, 2008 launched the suit against the bank and several of its directors, alleging they "misrepresented the magnitude and level of risk associated with its US subprime residential mortgage investments."

CIBC is purported to have said its total exposure to the failing US subprime residential mortgages market was "not a major issue" when, in fact, the bank had exposure to billions of dollars of losses.

Read the full story here on the Yahoo! News website.