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by Mike Caswell

CIBC World Markets Inc. has reached a $320,000 settlement with a former employee of its White Rock branch, Brad Jackman, over a claim that he left the firm and failed to pay $354,980 in loans that came due upon his departure. The settlement, contained in a consent order filed in the Supreme Court of British Columbia on Jan. 16, 2012, comes 10 months after CIBC sued Mr. Jackman for the money. The suit claimed that he took out four loans from CIBC while employed there, with the largest coming just two months before he left the firm.

The consent order does not state how or when Mr. Jackman must repay the money. The one-page document simply states that Mr. Jackman has agreed to pay $320,000.

The case began on March 31, 2011, when CIBC filed a notice of claim at the Vancouver courthouse against Mr. Jackman, a seven-year employee. It complained about four loans that he took out between January, 2005, and June, 2008. The loans, which were in amounts ranging from $20,477 to $200,000, had terms of five years to 10 years. Each became immediately repayable should Mr. Jackman resign.

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