First Quantum Minerals Ltd. (TSX:FM) has luanched a lawsuit against HSBC Bank Canada seeking restitution for $11.3 Million woth of ABCP the company holds on the advice of HSBC. First Quantum says that it invested the money in the notes because they were represented as being ultra-secure by the bank.

The suit filed in B.C. Supreme Court on April 16th alleges the company purchased four tranches of ABCP to maximize short term investment performance on excess cash on hand.

Barrick Gold Corp. (NYSE:ABX) is also lining up a lawsuit against Canadian Imperial Bank of Commerce (TSX,NYSE:CM) over the bank's advice to invest in asset-backed commercial paper (ABCP).

Barrick, which owns about C$66 million ($65.4 million) in commercial paper, claims CIBC's investment bank said the debt wasn't tied to subprime mortgage assets. Barrick then held on to its paper and bought more before the market froze in August.

Barrick is challenging a C$32 billion restructuring of Canada's non-bank asset-backed commercial paper in a Toronto court so that it will have the right to sue CIBC.

Credential Securities Inc said on Friday that it has arranged to repurchase its clients' investments in non-bank asset-backed commercial paper, and customers will get all of their funds back if the frozen ABCP market is restructured. Some 335 Credential clients hold about $48 million of ABCP, short-term notes that were initially top-rated and issued by groups other than Canada's big banks. This portion of the commercial paper market seized up last summer, and a complicated plan to restructure the $32 billion market goes to a vote next week.

Canaccord Capital (TSX:CCI) meanwhile, has secured the necessary funding to continue its plan to buy asset-backed notes it sold to its private clients in 2007. According to Canaccord, the Royal Bank of Canada (TSX, NYSE:RY) has syndicated a line of credit for $138.3 million to facilitate the buyback.

Canaccord the will buy notes at full value from investors holding less than $1 million in ABCP investments, clearing the way for the long-term restructuring of $33 billion in ABCP notes held by larger investors across Canada.

The relief program is dependent on the restructuring's approval. The vote on the restructuring is scheduled for April 25. Implementation would start in May.

Total Canadian exposure to toxic asset-backed paper is estimated at $33 billion.