HARTFORD, Conn. -- Shawmut National Corp. has confirmed that its Shawmut Bank Connecticut subsidiary was named in a federal lawsuit filed in New York by purchasers of bonds issued by units of Towers Financial Corp.

Shawmut said the suit, which also names Duff & Phelps Credit Rating Co., seeks damages in an undetermined amount equal to the difference between the current value of the bonds and their face amount of about $200 million plus interest as well as punitive damages.

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