|
|
 |
|
Viewing report
|
|
|
|
Can The Banks Put The Enron Travails Behind Them? Aug 05
Standard & Poors, Aug 2005
Abstract
The Toronto-Dominion Bank's mid-August announcement that it had added $300 million to its reserves to cover potential liability from a series of suits arising from the collapse of Enron Corp. brings to seven the number of financial institutions that have announced that they are boosting legal reserves related to those suits. The largest of the suits, the Newby suit, seeks relief, on behalf of securities holders, from several major banks and brokerages alleged to be complicit in the demise of the energy trading giant, which filed for Chapter 11 bankruptcy in December 2001. Only five banks have actually settled that suit. They are Lehman Brothers Holdings Inc., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., and Canadian...
Companies mentioned in this report are: Bank of America Corp.,The Royal Bank of Scotland PLC,Canadian Imperial Bank of Commerce,Lehman Brothers Holdings Inc.,JPMorgan Chase & Co.,Citigroup Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
|
|
|
|
