Capital brief: High Court Urged to Settle Exam Data Issue

to resolve a dispute over the confidentiality of examination reports, saying a lower court decision threatens the health of the banking system. In urging the justices to accept the case early this month, the trade groups said that the U.S. Court of Appeals for the Sixth Circuit in Chicago erred when it ruled that Bankers Trust Co. had to give the reports to Procter & Gamble Co. Richard Whiting, general counsel at the Bankers Roundtable, said federal rules allow litigants to request the reports from a bank's primary regulator. If the agency rejects the request, the litigant can sue in federal court here. The appeals court decision will encourage litigants to ignore the regulators, and sue the banks directly to get the exam reports, he said. "Prompt review by this court will forestall this spate of litigation and the accompanying expenditure of private and public resources," he said.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER