TCF Bank 2001 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 of the 2001 TCF Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 82

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82

26 Litigation and Contingent Liabilities
From time to time, TCF is a party to legal proceedings arising out of
its lending, deposit operations or other activities. TCF engages in
foreclosure proceedings and other collection actions as part of its
loan collection activities. From time to time, borrowers have also
brought actions against TCF, in some cases claiming substantial
amounts of damages. Some financial services companies have been
subjected to significant exposure in connection with litigation, includ-
ing class action litigation and punitive damage claims. While the
Company is not aware of any actions or allegations which should rea-
sonably give rise to any material adverse effect, it is possible that the
Company could be subjected to such a claim in an amount which
could be material. Based upon a review with its legal counsel, man-
agement believes that the ultimate disposition of pending litigation
will not have a material effect on TCF’s financial condition.
73