In January 2005, the Canadian Imperial Bank of Commerce (CIBC) launched a lawsuit against a number of its former employees and Genuity Capital Markets. CIBC is seeking damages in excess of $10 million. CIBC alleges a variety of transgressions, including the theft of client information and the solicitation of its employees. CIBC alleges that the former CEO of CIBC World Markets (CIBC terminated the CEO’s employment in February 2004) and others set up a competitor, Genuity Capital, while still employed with CIBC. In less than a year, a total of over 20 senior employees of CIBC left to join Genuity. The allegations are supported by copies of numerous BlackBerry messages exchanged by the defendants in the summer of 2004. Since CIBC filed its suit, the defendants have counterclaimed for $14 million, alleging that the bank breached the privacy of the defendants by going through their e-mail. Further, the former CEO has stated that he was not restricted by any agreement from competing with CIBC. Assuming that the former CEO was not restricted by any agreement from competing with CIBC, does that exonerate him from liability? What can companies like CIBC do to avoid similar situations? What steps can an employer take to minimize the risks associated with the loss of employees and intellectual assets such as client lists, business strategies, and the like?