Riggs back in circulation (but suing PNC)

by C-UPI@CLARI.NET (UNITED PRESS INTERNATIONAL) on 2005-02-09 10:10:35

Riggs back in circulation (but suing PNC)






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YellowBrix story US-RIGGS from United Press International
Riggs back in circulation (but suing PNC)
Copyright 2005 by United Press International (via ClariNet) / Wed, 9 Feb 2005 10:10:35 EST


WASHINGTON, Feb. 9 (UPI) -- Riggs Bank is back in the merger
market, courting suitors who may want to replace a Pittsburgh
company once engaged to the troubled Washington bank.
PNC Financial Services Group Inc. this week lowered the
amount it was willing to pay for Riggs by about 15 percent, the
Washington Post reported Wednesday. That scotched their proposed
union and led Monday to Riggs suing PNC for breach of contract.
Riggs' earnings have been battered by tens of millions in
legal fees spent over the past year because of federal
investigations, and there is more to come: It faces huge legal bills
over ongoing legal woes of current and former executives, plus Riggs
is being sued for failing to obey banking laws and thus making it
easier for terrorists to finance the Sept. 11, 2001, attacks.