TCF Bank 2010 Annual Report Download - page 110

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• 94 • TCF Financial Corporation and Subsidiaries
Note 26. Litigation Contingencies
From time to time, TCF is also a party to other legal
proceedings arising out of its lending, leasing and deposit
operations. TCF is and expects to become engaged in a
number of foreclosure proceedings and other collection
actions as part of its lending and leasing collections
activities. TCF may also be subject to enforcement action by
federal regulators, including the Securities and Exchange
Commission, the Federal Reserve and the Comptroller of
the Currency. From time to time, borrowers and other
customers, or employees or former employees, have also
brought actions against TCF, in some cases claiming
substantial damages. Financial services companies are
subject to the risk of class action litigation, and TCF is
subject to such actions brought against it from time to
time. Litigation is often unpredictable and the actual
results of litigation cannot be determined with certainty,
and therefore the ultimate resolution of a matter and the
possible range of loss associated with certain potential
outcomes cannot be established with confidence. Based
on our current understanding of these pending legal
proceedings, management does not believe that judgments
or settlements arising from pending or threatened legal
matters, individually or in the aggregate, would have a
material adverse effect on the consolidated financial
position, operating results or cash flows of TCF.