Comerica Denies Liability in TMI Settlement

Comerica Bank-California said it will not be paying any of the $14-million settlement that educators statewide reached two weeks ago with the bank and the KPMG Peat Marwick accounting firm.

Comerica was a defendant in the case stemming from the 1994 collapse of Teachers Management & Investment Corp. only because it acquired Metrobank in Los Angeles. Metrobank earlier had acquired National Bank of Long Beach, the original target of allegations.

As part of Comerica’s purchase of Metrobank, the former owners of National Bank of Long Beach agreed to be responsible for claims arising out of the TMI lawsuits, said Comerica’s president, J. Michael Fulton.

A Peat Marwick lawyer said previously that Comerica would be paying $4 million of the amount.