Law360, New York (January 15, 2008, 12:00 AM ET) -- Companies burned in the subprime meltdown have wiped a staggering $174 billion from their books and face an "avalanche" of lawsuits, according to a report by insurance analysts Advisen Ltd.
And that figure, which includes Citigroup's $18 billion write-down revealed Tuesday, is just the beginning, Advisen Editor-in-Chief Dave Bradford said. He said he expects the situation to worsen as more companies release fourth-quarter earnings reports.
Citigroup disclosed the massive write-down as part of its fourth-quarter financial report, in which it revealed a record loss of $9.8...
Subprime Write-Downs Hit $174B, Suits To Rise
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