CWB Financial Group (CWB) announced today that its fourth-quarter and full-year financial results will be delayed until mid-December due to an ongoing legal claim involving one of its subsidiaries, CWB Maxium Financial Ltd. The bank emphasized that the decision to reschedule the earnings release is unrelated to National Bank of Canada’s pending acquisition of CWB.
The legal claim, filed late in the process of finalizing CWB’s annual financial results, concerns loans provided to corporations affiliated with the claimant. The claimant is seeking $18 million in damages, including general, punitive damages, and legal costs. Despite the claim, CWB has stated that it does not expect any material impact on its consolidated financial statements.
CWB’s earnings release delay comes at a time when National Bank is in the process of acquiring CWB for approximately $5 billion, a transaction that is still awaiting approval from Canada’s banking regulator and the Finance Minister.
CWB assures shareholders and stakeholders that the legal matter is being closely managed and that the company’s overall financial health remains strong.
Read more:
How Much Do Family Lawyers Charge?
How To Avoid Paying Alimony In California?
4-Day Workweek Experiment Shows Promise: A New Era For Work-Life Balance