Canadian Western Bank says legal claim is the reason it delayed earnings release

Canadian Western Bank says the decision to reschedule the release to mid-December is unrelated to National Bank of Canada's plan to acquire the company.

CWB says the delay was triggered by a legal claim against CWB Maxium Financial Ltd. late in its process to approve and disclose its annual financial results. It says the claimant is seeking $18 million in damages, as well as general and punitive damages, and costs, related to the provision of certain loans to corporations affiliated with the claimant and the resolution of the loans.

CWB says it does not expect the outcome of the claim to have a material effect on its consolidated financial statements. National Bank is in the process of acquiring CWB in a roughly $5-billion takeover. The deal still requires approval from Canada's banking regulator and the finance minister.The Canadian Press

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Canadian Western Bank Says Legal Claim Caused Earnings DelayCanadian Western Bank said the reason it delayed release of its fourth-quarter earnings Friday was because it received a legal claim against a subsidiary that needed “prudent investigation.”
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Canadian Western Bank says legal claim delayed its fourth-quarter earnings releaseThe Edmonton-based bank says a legal claim against a subsidiary of CWB was received late into the process of approving and disclosing its annual financial results
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Canadian Western Bank shares tumble after delaying release of fourth-quarter earningsCWB’s change in plans has left investors speculating on whether the delay was caused by a shift in the fate of National Bank’s pending acquisition of the Edmonton-based lender
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