Huntington National Bank 2009 Annual Report Download - page 203

plaintiff’s request on Januar
y
12, 2010. That plaintiff subsequentl
y
sent a letter to Huntin
g
ton’s Board o
f
Directors demandin
g
that it initiate certain liti
g
ation, which letter has been taken under advisement. Motions
to dismiss the other two actions were filed on March 10, 2008, and Januar
y
2
6
, 2009, and currentl
y
ar
e
pendin
g
. At this sta
g
e of the proceedin
g
s, it is not possible for mana
g
ement to assess the probabilit
y
of an
a
d
verse outcome, or reasona
bly
est
i
mate t
h
e amount o
f
an
y
potent
i
a
ll
oss
.
B
etween Februar
y
20, 2008 and Februar
y
29, 2008, three putative class action lawsuits were filed in th
e
United States District Court for the Southern District of Ohio, Eastern Division, a
g
ainst Huntin
g
ton, th
e
Hunt
i
n
g
ton Bancs
h
ares Incorporate
d
Pens
i
on Rev
i
ew Comm
i
ttee, t
h
e Hunt
i
n
g
ton Investment an
d
Tax Sav
i
n
gs
P
l
an (t
h
eP
l
an) A
d
m
i
n
i
strat
i
ve Comm
i
ttee, an
d
certa
i
no
f
t
h
e Compan
y
’s o
ffi
cers an
ddi
rectors purporte
dly
o
n
b
e
h
a
lf
o
f
part
i
c
i
pants
i
nor
b
ene
fi
c
i
ar
i
es o
f
t
h
eP
l
an
b
etween e
i
t
h
er Ju
ly
1, 2007 or Ju
ly
20, 2007 an
d
t
h
e
present. On Ma
y
14, 2008, the three cases were consolidated into a sin
g
le action. On Au
g
ust 4, 2008,
a
conso
lid
ate
d
comp
l
a
i
nt was
fil
e
d
assert
i
n
g
ac
l
ass per
i
o
d
o
f
Ju
ly
1, 2007 t
h
rou
gh
t
h
e present, a
ll
e
gi
n
gb
reac
h
es
o
f fid
uc
i
ar
yd
ut
i
es
i
nv
i
o
l
at
i
on o
f
t
h
e Emp
l
o
y
ee Ret
i
rement Income Secur
i
t
y
Act (ERISA) re
l
at
i
n
g
t
o
Hunt
i
n
g
ton stoc
kb
e
i
n
g
o
ff
ere
d
as an
i
nvestment a
l
ternat
i
ve
f
or part
i
c
i
pants
i
nt
h
eP
l
an an
d
see
ki
n
g
mone
y
dama
g
es and equitable relief. On Februar
y
9, 2009, the court entered an order dismissin
g
with pre
j
udice th
e
consolidated lawsuit in its entiret
y
, and the plaintiffs thereafter filed a Notice of Appeal to the United State
s
C
ourt o
f
Appea
l
s
f
or t
h
eS
i
xt
h
C
i
rcu
i
t. Dur
i
n
g
t
h
e pen
d
enc
y
o
f
t
h
e appea
l
,t
h
e part
i
es to t
h
e appea
l
commence
d
sett
l
ement
di
scuss
i
ons an
dh
ave reac
h
e
d
an a
g
reement
i
npr
i
nc
i
p
l
e to sett
l
et
hi
s
li
t
ig
at
i
on on a
classwide basis for
$
1,450,000, sub
j
ect to the draftin
g
of definitive settlement documentation and cour
t
approval. Because the settlement has not been finalized or approved, it is not possible for mana
g
ement t
o
ma
k
e
f
urt
h
er comment at t
hi
st
i
me.
On Ma
y
7, 2008, a putative class action lawsuit was filed in the United States District Court for th
e
Sout
h
ern D
i
str
i
ct o
f
O
hi
o, Eastern D
i
v
i
s
i
on, a
g
a
i
nst Hunt
i
n
g
ton (as successor
i
n
i
nterest to S
ky
F
i
nanc
i
a
l
), an
d
certa
i
no
f
S
ky
F
i
nanc
i
a
l
’s
f
ormer o
ffi
cers on
b
e
h
a
lf
o
f
a
ll
persons w
h
o purc
h
ase
d
or acqu
i
re
d
S
ky
F
i
nanc
i
a
l
common stock in connection with and as a result of Sk
y
Financial’s October 200
6
acquisition of Waterfield
Mort
g
a
g
e Compan
y
. The complaint alle
g
ed that the defendants violated Sections 11, 12, and 15 of th
e
Secur
i
t
i
es Act o
f
1933
i
n connect
i
on w
i
t
h
t
h
e
i
ssuance o
f
a
ll
e
g
e
dly f
a
l
se an
d
m
i
s
l
ea
di
n
g
re
gi
strat
i
on an
d
prox
y
s
tatements
l
ea
di
n
g
up to t
h
e Water
fi
e
ld
acqu
i
s
i
t
i
on an
d
t
h
e
i
r
di
sc
l
osures a
b
out t
h
e nature an
d
extent o
f
S
ky
F
i
nanc
i
a
l
’s
l
en
di
n
g
re
l
at
i
ons
hi
pw
i
t
h
Fran
kli
n. On Ma
y
1, 2009, t
h
ep
l
a
i
nt
iff fil
e
d
ast
i
pu
l
at
i
on
di
sm
i
ss
i
n
g
t
he
lawsuit with pre
j
udice. The dismissal entr
y
was approved b
y
the Court on Ma
y
5, 2009, and the case is no
w
term
i
nate
d.
Commitments Under Ca
p
ital and O
p
erating Lease Obligations
At Decem
b
er 31, 2009, Hunt
i
n
g
ton an
di
ts su
b
s
idi
ar
i
es were o
blig
ate
d
un
d
er noncance
l
a
bl
e
l
eases
f
o
r
land, buildin
g
s, and equipment. Man
y
of these leases contain renewal options and certain leases provid
e
options to purchase the leased propert
y
durin
g
or at the expiration of the lease period at specified prices. Som
e
l
eases conta
i
n esca
l
at
i
on c
l
auses ca
lli
n
gf
or renta
l
sto
b
ea
dj
uste
df
or
i
ncrease
d
rea
l
estate taxes an
d
ot
h
e
r
operat
i
n
g
expenses or proport
i
onate
ly
a
dj
uste
df
or
i
ncreases
i
nt
h
e consumer or ot
h
er pr
i
ce
i
n
di
ces
.
Th
e
f
uture m
i
n
i
mum renta
l
pa
y
ments requ
i
re
d
un
d
er operat
i
n
gl
eases t
h
at
h
ave
i
n
i
t
i
a
l
or rema
i
n
i
n
g
noncancelable lease terms in excess of one
y
ear as of December 31, 2009, were
$
44.8 million in 2010
,
$
42.7 million in 2011
,$
41.2 million in 2012
,$
38.5 million in 2013
,$
35.3 million in 2014
,
and
$
155.2 millio
n
thereafter. At December 31, 2009, total minimum lease pa
y
ments have not been reduced b
y
minimum subleas
e
rentals of
$
36.7 million due in the future under noncancelable subleases. At December 31
,
2009
,
the futur
e
minimum sublease rental pa
y
ments that Huntin
g
ton expects to receive are
$
14.5 million in 2010;
$
11.5 million
in 2011
;$
3.7 million in 2012
;$
3.2 million in 2013
;$
2.4 million in 2014
;
and
$
1.4 million thereafter. Th
e
rental expense for all operatin
g
leases was $49.8 million, $53.4 million, and $51.3 million for 2009, 2008, an
d
2007, respect
i
ve
ly
. Hunt
i
n
g
ton
h
a
d
no mater
i
a
l
o
blig
at
i
ons un
d
er cap
i
ta
ll
eases.
1
95