Citibank 2008 Annual Report Download - page 30
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LEGAL RESERVES
The Company is subject to legal, regulatory and other proceedings and
claims arising from conduct in the ordinary course of business. These
proceedings include actions brought against the Company in its various
roles, including acting as a lender, underwriter, broker-dealer, investment
advisor or reporting company. Reserves are established for legal and
regulatory claims in accordance with applicable accounting requirements
based upon the probability and estimability of losses. The Company reviews
outstanding claims with internal counsel, as well as external counsel when
appropriate, to assess probability and estimates of loss. The risk of loss is
reassessed as new information becomes available, and reserves are adjusted
as appropriate. The actual cost of resolving a claim may be substantially
higher, or lower, than the amount of the recorded reserve. See Note 30 to the
Consolidated Financial Statements on page 214 and the discussion under
“Legal Proceedings” beginning on page 227.
ACCOUNTING CHANGES AND FUTURE APPLICATION
OF ACCOUNTING STANDARDS
See Note 1 to the Consolidated Financial Statements on page 122 for a
discussion of “Accounting Changes” and the “Future Application of
Accounting Standards.”
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