DETROIT, July 7 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today announced that the U.S. District Court for the Eastern District of Michigan preliminarily approved the settlement of two shareholder class action lawsuits that were filed against Comerica in October 2002. The lawsuits followed an October 2, 2002, announcement of an incremental provision for credit losses, a related restatement of financial statements for the second quarter of 2002, and a goodwill impairment for Comerica's Munder Capital Management subsidiary.
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Comerica agreed to the settlement without admitting any liability, and is settling the cases to avoid the risk and cost of litigation. If the settlement receives final judicial approval, Comerica will pay a total of $21 million in full settlement of such lawsuits. The payment will not affect 2005 earnings and will largely be funded by insurance proceeds, with the remainder coming from previously established reserves.
The court directed that a final hearing on the settlement be held on October 24, 2005. Further details will be disclosed in a notice of settlement that will be sent to class members shortly.
Comerica Incorporated is a financial services company headquartered in Detroit, strategically aligned into the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica focuses on relationships, and helping businesses and people be successful. Comerica reported total assets of $53.5 billion at March 31, 2005.
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