Monthly Archives: July 2004

An oil play in Cuba

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This NY Times article reports on Repsol, YPF‘s (Spain’s largest oil comany) hiring of a Norwegian drilling platform at a cost around $200,000 a day to search for oil in a narrow sector of the Gulf of Mexico off the northwestern coast of Cuba. The venture, which was established with the Cuban government-owned oil company CubapetrÛleo, is being watched closely in Houston’s oil and gas community.
If Repsol is successful in making a major find, that would be a boon for Cuba, which imports most of its fuel from Venezuela and struggles economically. It would also shake up the dynamics of oil and gas production in the Gulf of Mexico, which has been dominated for decades by United States companies.
If there is a big oil find in Cuban waters, then that will also be an interesting test of the Bush Administration’s Cuba policy, which has been to maintain and even strengthen sanctions in hopes of isolating and weakening the Communist country’s economy. However, such sanctions might be rethought if Mr. Bush’s supporters in the oil and gas industry are faced with the prospect of sitting on the sidelines while foreign companies develop good oil and gas prospects in Cuban waters.
Stay tuned on this one.

The ugly reality of consumer credit

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This Wall Street Journal ($) article reports on how the consumer credit industry is generating huge profits by charging exorbitant interest rates and penalties on credit cards that the industry provides to the riskiest consumer borrowers:

For consumers who pay off their credit-card balances each month, shop aggressively for interest rates as low as 0%, and take advantage of generous credit-card rewards programs, consumer credit has never been cheaper. But for others . . ., the trend is in the other direction.
Card users, consumer advocates and some industry experts complain that banks are attempting to squeeze more and more revenue from consumers struggling to make ends meet. Instead of cutting these people off as bad credit risks, banks are letting them spend — and then hitting them with larger and larger penalties for running up their credit, going over their credit limits, paying late and getting cash advances from their credit cards. The fees are also piling up for bounced checks and overdrawn accounts.

Many folks are surprised to learn that bad check fees are a lucrative profit center for many banks. Similarly, banks make a nice return on late payment fees to their consumer credit card holders:

. . . credit-card fees, including those from retailers, rose to 33.4% of total credit-card revenue in 2003. That was up from 27.9% in 2000 and just 16.1% in 1996. The average monthly late fee hit $32.01 in May, up from $30.29 a year earlier and $13.30 in May 1996, the company said. In 2003, the credit-card industry reaped $11.7 billion from penalty fees, up 9% from $10.7 billion a year earlier, according to Robert Hammer, an industry consultant.

Banks say that penalties and fees are a necessary component of new models for pricing financial services. Gone are the days when banks collected hefty annual fees on all credit cards and charged fat interest rates to all customers. Now, the banks say, they must rely on risk-based pricing models under which customers with the shakiest finances pay higher rates and more fees.

Oddly, the approach of gouging the riskiest customers is the result of competing for the best ones:

Until the early 1990s, most banks offered one main credit-card product. It typically carried an annual interest rate of about 18% and an annual fee of $25. Cardholders who paid late or strayed over their credit limit were charged modest fees. Profits from good customers covered losses from those who defaulted.
Then card issuers, in an effort to grab market share, began scrapping annual fees and vying to offer the lowest annual interest rates. They junked simple pricing models in favor of complex ones they say were tailored to cardholders’ risk and behavior. Eager to sustain growth in a market approaching saturation, they began offering more cards to consumers with spotty credit.
By the late 1990s, banks were attracting consumers with low introductory rates, then subjecting some of them to a myriad of “risk-related fees,” such as late fees and over-limit fees. A 2001 survey by the Federal Reserve showed that 30% of general-purpose credit-card holders had paid a late fee in the prior year.
In a survey of 140 credit cards this year, the advocacy group Consumer Action said 85% of the banks make it a practice to raise interest rates for customers who pay late — often after a single late payment. Nearly half raise rates if they find out that a customer is in arrears with another creditor.

Meanwhile, the Bush Administration’s response to the foregoing travesty is to support the ill-advised and consumer credit industry backed Bankruptcy “Reform” Act, which attempts to make it more difficult for consumers to discharge their personal liability for such consumer credit.
As with health care finance, income tax simplification, and overall government spending, this is another issue on which the Bush Administration has sadly dropped the ball.

Stros blow another one

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The listless Stros’ hitters and Miceli blew another fine performance from the Rocket as the Pads scored the winning run in the bottom of the eighth to win Monday’s first game of the clubs’ three game series, 2-1.
Clemens was magnificent as usual, giving up only a run on three hits with four walks over seven innings. Miceli couldn’t match that brilliance in the eighth, as he gave up the game winning hit to Klesko (who is having an Ensberg-like bad year) and giving Astro-killer Trevor Hoffman the opportunity to close out the win in the ninth.
Meanwhile, the Stros’ hitters made Brian Lawrence look like the Rocket as they could manage only five hits, including Bidg‘s leadoff yak. Of course, Stros’ manager Jimy Williams inexplicably continues to bench Mike Lamb, Jason Lane, and Chris Burke while playing such futile hitters as Viz and Bags, whose slugging percentage has dropped to an embarrassing .442, fifth points below Biggio’s. Not an auspicious beginning for their first game in the Pads’ new Petco Field.
The Stros are now eight games behind the Cards in the NL Central as a division title has become a pipe dream. Absent an unforseen turnaround on the remainder of this West Coast swing, the Stros may not even be in contention for the wild card playoff spot by the All-Star break.
The Stros send Pete Munro to the hill on Tuesday night against the eminently hittable Ismael Valdez. At least the Stros can enjoy the wonderful weather while whiffing in the San Diego moonlight.

The year the Chief Justice lost his Court

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This NY Times article by Linda Greenhouse is a fine summary of the key decisions of the United States Supreme Court during its 2003-04 term in the following areas: Detainees, Politics, Criminal Law, Privacy, Discrimination, Federalism and Regulation, Speech and Religion, and Jurisdiction.

Ken Klee, Energy Healer?

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Many Houston business litigation attorneys know Ken Klee as a Los Angeles-based corporate reorganization and bankruptcy law expert, as well as a UCLA Law School professor. However, this LA Times article reports that Ken is also up to something completely different from representing parties in reorganizations or teaching students the intricacies of bankruptcy law:

Brentwood real estate broker Joan Gardner was suffering such excruciating pain with a swollen knee, months after a fall, that she was homebound, depressed and unable to work. Her doctor and orthopedic physical therapist encouraged her to have surgery, but Gardner declined because, “I’m stubborn and vain.” Instead, she decided to try something different.
Digging up a number her grocery clerk had given her, Gardner dialed Ken Klee, a UCLA law professor and prominent corporate bankruptcy lawyer who practices energy healing on the side. A seven-year student of more than half a dozen healing methods including reiki’s radiance technique, pranic healing and Theta Healing, Klee practices eight hours a week out of his Brentwood home office, stacked high with stones and crystals, massage table at the center.
Without touching her body or charging her a fee, Klee waved his hands over Gardner for three hours last December, channeling divine healing energy and helping her clear out anger and other blocks. The next day the swelling in Gardner’s knee was gone.
“I was in shock. It sounds probably crazy, but it’s the truth,” she said. “I feel like a million dollars, and I have since that day.”
Stories like Gardner’s raise eyebrows among those in the medical establishment and Klee’s academic colleagues. Once the provenance of faith healers, shamans, ancient and New Age mystics, however, energy healing is increasingly going mainstream.

And what on earth is energy healing?

Methods vary, but principles generally stem from ancient concepts of a life force ? called chi or qi in traditional Chinese medicine (prana in Indian medicine) ? that moves through pathways called meridians. Acupuncture, qigong, tai chi, yoga and shiatsu massage are all based on the idea that free-flowing energy throughout the body leads to optimal health.
Energy healers contend that people have an etheric, or energy, body, often called an aura, surrounding and penetrating the physical body, and energy fuel centers inside the body called chakras.
Because bodies are made up of subatomic particles in constant motion, many physical ailments manifest first in this energy body, like a blueprint, healers say. Stress and painful emotions, for instance, can cause energy to get stuck or depleted, inhibiting the body’s natural healing processes.
Healers claim to be able to detect and repair these problems with or without touching the body, sometimes from great distances. “All we are at our essence is vibration, and all disease is dissonance in vibration,” Klee says. “If we alter the vibration through crystals, color, sound, prayer or bringing energy through the hands, it all has to do with vibration.”
By harnessing the power of the mind-body connection, many energy healers say they are simply promoting the innate ability to heal oneself, meaning receptivity can affect whether it works, as can the intent and state of mind of the healer.
The line between energy healing and faith healing can get blurry. Some practitioners invoke a higher power, while others align cosmic healing symbols or gather and project healing energy from nature. Some tout extraordinary gifts; others say they are simply conduits, and anyone can learn to heal themselves and others with a little practice.

Altough the article notes that some clinical research into energy hearling is underway, the medical community retains a healthy dose of skepticism regarding the benefits of energy healing:

Stephen Barrett, a retired psychiatrist and founder of the health fraud guide Quackwatch, holds the “sheer quackery” point of view. He dismisses such research, saying, “There is nothing there.”
Barrett is coauthor of an article published in the Journal of the American Medical Assn. in 1998 debunking the effectiveness of Therapeutic Touch, an energy healing method often used by nurses.
“They claim they can, by concentrating, feel a person’s energy field and go through certain maneuvers to modify it and create a healing force,” he said. “We feel that’s preposterous. It’s a figment of their imagination.”
Barrett’s JAMA article publicized the results of a science fair project of a 9-year-old girl named Emily who tested Therapeutic Touch practitioners’ ability to detect her energy field. The experiment was similar to Schwartz’s, but the practitioners correctly guessed which of their hands the girl’s hand was hovering over only 44% of the time, less than chance would suggest.
Barrett, one of the nation’s most outspoken critics of alternative medicine, says energy healers and those who bolster them through studies are delusional or dishonest.

But Mr. Klee remains a true believer:

“If I can do it, anybody can do it. I’m a conservative guy, a lawyer, a skeptic. I believe in verifying things. Seven years ago, I would have thought this was completely nuts. Now I’m convinced science is going to validate this. It’s going to happen in my lifetime.”

Hat tip to Professor Bainbridge for the link to this story.

Meanwhile, Hidalgo is just fine in NY

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Since leaving the Stros, Richard Hidalgo is doing his best Carlos Beltran imitation in New York.

Stros back to reality

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The best thing that can be said about Sunday afternoon’s Stros-Rangers game is that I decided to go to Saturday night’s game instead. The Rangers used Sunday’s game for extra batting practice and pounded the Stros, 18-3.
The Stros tried five different pitchers on Sunday, and the Rangers pounded four of them into oblivion. Tim Redding was particularly atrocious, giving up six runs in one inning as he continues to make a strong case for banishment to New Orleans. Wade Miller‘s injury is probably the only reason Redding is still with the club. Starter Andy Pettitte was not much better, giving up six runs and eight hits over five innings.
As they leave for their pre-All Star game West Coast swing, the Stros are 42-39, tied with the Brew Crew for fourth in the NL Central, and seven games behind the NL Central leading Cards. Ensberg showed signs of life by hitting three yaks in the weekend series with the Rangers, but the remainder of the club apart from Berkman and Beltran continue to show little pop in their bats.
Here are the Stros’ hitters’ runs created against average (“RCAA,” explained here) through Friday’s games, courtesy of Lee Sinins:
Lance Berkman 37
Craig Biggio 12
Jeff Bagwell 9
Mike Lamb 9
Carlos Beltran 5
Jeff Kent 3
Eric Bruntlett 1
Jason Lane -2
Orlando Palmeiro -2
Jose Vizcaino -4
Morgan Ensberg -5
Raul Chavez -6
Richard Hidalgo -8
Adam Everett -11
Brad Ausmus -18
Berkman continues to be one of the best hitters in baseball despite the fact that, at least before the acquisition of Beltran, no pitcher in the National League was throwing him a strike (Berkman was second to Bonds during the month of June in walks). Beltran’s RCAA would be an excellent 24 if his RCAA with Kansas City is added to his Stros figure.
Bidg‘s solid season at the plate continues, although he is having his adventures in left field these days. Ensberg’s number should improve when his big weekend numbers are added, and Lamb clearly should be playing more.
Bags‘ seemingly bottomless power decline continues and he is now among the lower tier of first basemen in the National League. Ausmus is now closing in on being the worst hitter among regular players in the National League and should be benched in favor of Chavez, who is merely less bad.
Somewhat surprisingly, the Stros rank seventh in the National League in team RCAA, but every team in the NL Central except for the Brewers have a better team RCAA.
Here are the Stros’ pitchers’ runs saved against average (“RSAA,” explained here):
Roger Clemens 19
Brad Lidge 9
Wade Miller 9
Roy Oswalt 7
Octavio Dotel 5
Mike Gallo 3
Dan Miceli 3
Andy Pettitte 3
Pete Munro 2
Kirk Bullinger 1
David Weathers 0
Brandon Backe -2
Jeremy Griffiths -3
Chad Harville -3
Ricky Stone -3
Jared Fernandez -6
Brandon Duckworth -9
Tim Redding -10
Clemens and Lidge are solid, and Oswalt is improving after working through his abdominal injury. However, a replacement for Miller’s above average performance is no where in sight, and one can only guess who will start in Miller’s place next time (Griffiths was already sent back to New Orleans after last night’s unimpressive performance). Despite these troubles, the Stros team RSAA continues to rank fifth in the National League, although the Cards, Cubs and Brewers are division rivals that all have better team RSAA totals than the Stros.
The Cubs and Cards are still the class of the NL Central and it appears that they will have a close race for the title. The Stros should gradually overtake the Brewers and the Reds for third place in the division if performance levels of those three teams remain relatively stable with present levels. However, that’s probably as good as it will get for this Stros club unless several players get hot in the second half of the season. That’s possible, but not likely.
Berkman, Clemens and Jeff Kent all made the National League All-Star team announced today. All three deserve the honor, although Kent’s performance level is well below Berkman and Clemens. Kent is an All-Star only because of the paucity of good second basemen in the National League.
The Rocket opens the San Diego series tomorrow night, followed by Pete Munro and Roy O. The Stros then go up to L.A. for next weekend’s series with the Dodgers before taking off for the All-Star break.

Bloggin’ the Stros

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My son Cody, my buddy Sage and I are at the Juice Box reporting live on the Stros-Rangers Saturday evening game using the Stros new WiFi internet service. So far, so good.
The top of the first was uneventful as newly-acquired Jeremy Griffiths got three ground outs without throwing ten pitches. In the bottom of the first, Bidg led off with an infield hit and Viz had a single to right before the first instance of managerial malpractice occurred. Jimy Williams had Carlos Beltran — arguably the hottest hitter in baseball — attempt to lay down a sacrifice bunt on the first pitch. Beltran fortunately fouled it off, then laced a stinger foul down the first base lane before being called out on strikes. Berkman then drew a walk to load the bases before Bags dutifully hit into a 5-4-3 double play to end the inning.
That’s a capsule of the Stros’ season so far.
Griffiths returned to form in the top of the second by walking the lead off batter. Mench generously went after a bad pitch and popped to second, but the Rangers are clearly measuring Griffiths. Delucci flied to center on a bad pitch and then Ardoin struck out. So, Griffiths is doing his best Clemens and Roy O imitation, but my sense is that next time through the lineup for Griffiths is not going to be as pleasant.
Stros coming to bat.
Arnie the Peanut Dude, who has been a fixture throwing and selling tickets at Stros’ games for about 15 years, came by in between innings and chatted with Sage and me. Arnie is a great guy and a fine golfer, and he just returned from a golfing trip to Scottsdale where he played several of the great courses out there. After playing well out there, he returned to rain-drenched Houston and could only shoot 90 at Houston Country Club yesterday where the unmowed rough is still at U.S. Open heighth.
In the meantime, Ensberg walked and Everett had an infield single to lead off the Stros’ second, which brings up Raul Chavez, who is starting his second straight game at catcher for I believe the first time this season. However, the Stros’ catcher position is a black hole, as Chavez grounds into an easy DP, moving Ensberg to third. Griffiths is up, and promptly scared Ricardo Rodriguez, the Rangers journeyman pitcher, into a balk, scoring Ensberg with the Stros first run. After Rodriguez walked Griffiths in disgust, Bidg flied tepidly to left.
As Sage noted, with two outs, the Stros called for the “balk play” and scored a run. Stros lead 1-0, but not for long.
Griffiths mowed down Matthews and Rodriguez to start the third, making it ten straight Rangers down to start the game. But this mixture of 86 mph fastballs and nickel curves will not hold the Rangers down for long. Young promptly singled to center to start Griffiths second time through the Rangers lineup, and now Blalock is looking like a hungry tiger over his prey at the plate. Incredibly, Griffiths freezes him with 89 mph heat. How long can this last?
While Cody cruised the Web for awhile, Viz grounded out and Beltran struck out again before Berkman laced a gapper for a double. Berkman came over to third on a wild pitch as Bags walked, and Ensberg has worked a 3-1 count and should get a good pitch to hit. He did, and whiffed, now a 3-2 count. Ensberg then grounded out to short to end the inning. Stros still lead 1-0.
Sage and I went up to the club level in the top of the fourth to check out the Mahi Mahi at the club buffet, but the Rangers continue to scruff against Griffiths. Three up and three down. The Stros continue not to do much better against Rodriguez, as both Everett and Chavez ground out meekly and Griffiths fans in the bottom of the frame.
This game ought to be extended batting practice for both teams and its only 1-0 through four. As they say, “that’s baseball.”
While waiting for our Mahi Mahi, Sage and I saw John Sorrentino and chatted with him awhile. John is the Stros’ Vice-President of ticket services and is a longtime Stros’ executive. We complimented him on how good the bunting looks inside the Juice Box as the Stros are getting ready for the All-Star game on July 13th. John is a good guy, and the Stros’ strong gate this season (averaging about 35,000 a game) could not happen to a nicer guy.
Meanwhile, Griffiths is starting to struggle in the top of the fifth. Delucci walked, Ardoun got on, and light hitting Gary Mathews hit a three run dinger. Batting practice is beginning. Rangers lead 3-1.
Things are going from bad to worse. Young got on, and Blalock singled him around to third. Jimy’s hook is quick tonight as Griffiths is already history. Bullinger is warming up.
Ouch. Soriano greets Bullinger with a long three run dinger. It’s now 6-1 Rangers. However, the Mahi Mahi is quite good.
After what seems like an eternity, Bullinger finally coaxes the last two outs and the Stros wander into their side of the fifth down 6-1.
Bidg starts the rally with a strike out in the bottom of the fifth. Viz gets on, then Beltran gives one a ride to deep center, but Matthews makes a nice nab. Berkman takes his obligatory walk, and now Bags is up with a chance to get the Stros back in it. Bags hits an easy grounder to short, which Young boots, so now Ensberg has a chance to do some real damage with the bases loaded.
And he did! Ensberg blasts a grand salami to deep left center. Incredible. He wins the game for the Stros last night with a two run yak and now he gets the Stros back in this one with a grand slam. It’s now 6-5 Rangers.
And the Stros may not be finished. The Rangers bring in ex-Stro Doug Brocail, and Everett and Chavez greet him with singles. Lamb pinch hits for Bullinger, and Brocail uncorks a wild pitch to move the runners to second and third. Lamb promptly singles to right and scores both Everett and Chavez, and Chavez looked like a locomotive coming home and beat the throw. It’s now 7-6 Stros!
And the Stros may not be finished yet. Young boots Bidg’s grounder to short for another error, and Brocail promptly balks Lamb to third and Bidg to second. Viz then brings Lamb home on an infield hit, bringing up Beltran. It’s 8-6 Stros. Beltran then absolutely schorches a liner at Brocail, who protects himself by batting the ball down with his glove and then remarkably recovers to throw Beltran out.
The fifth inning is finally over. It took over an hour, there were 13 runs, 10 hits, two errors, and I don’t know how many walks. In the end, it’s 8-6 Stros. Whew! Gotta eat Mahi Mahi whenever the Stros get down big.
Chad Harville is now pitching for the Stros in the top of the sixth, and he is clearly juiced by the Stros big fifth. He’s throwing smoke consistently in the mid 90’s. And wouldn’t you know it — the second off speed pitch that Harville throws Young jacks a two run yak into the Crawford Boxes. It’s 8-8 and time for more Mahi Mahi.
Brocail is back out on the hill for the Rangers in the bottom of the sixth. Berkman whiffs, Bags walks, and the Hero of the Fifth Ensberg is now up again. Brocail is careful with the red hot Ensberg and walks him to get to Everett. One positive note: at least Jimy doesn’t have Everett sacrificing. Brocail walks Everett to load the bases for Chavez with still just one out. This is getting interesting. Pinch hitter Lane on deck to hit for Harville. Chavez is battling, fouling off five pitches. He works the count to 2-2.
Uh, oh. Chavez hits a grounder to deep short. Young to Soriano at second for the first out, relay to first — Chavez head first slide — he’s safe!! Bags scores. Ball gets away at first. Ensberg tries to score. It’s a close play. He’s safe! Stros lead 10-8! Unbelievable. The Juice Box is going nuts.
Lane then absolutely smokes one to just in front of the 436 sign in deep center. The sixth is over, it’s 10-8 Stros! Gotta love that Mahi Mahi.
David Weathers is now pitching for the Stros in the top of the seventh, and Soriano greets him with a single. The dangerous Teixeira lines out to Berkman, and Mench flies out to Berkman, bringing up Herbert Perry to pinch hit for Brocail. Perry is one of those guys who either cranks a yak or strikes out, so Weathers needs to be careful. Weathers strikes him out on three pitches. Go figure. Stros still lead 10-8.
Brian Shouse, a left-handed submarine guy, is now pitching for the Rangers and walks Bidg on four pitches. The Stros need to be greedy here because a two run lead does not feel safe in this free for all, particularly with Lidge having pitched the three prior games and probably not available to close this one. Viz sacrifices Bidg to second, Beltran to the plate. Beltran’s buzzard’s luck continues as he lines to third on a nice play by Blalock. Berkman grounds out, so Bidg is left on. Stros still lead 10-8.
Weathers is still pitching for the Stros in the top of eighth, against catcher Ardoin, who promptly pops out to Berkman in right as the Juice Box’s retractable roof is opening. Matthews comes back down to earth after his three run yak earlier in the game and whiffs for the second out. But then, Bidg misplays a fly ball by LF Conti for a three base error, so the Rangers have a man on third and the top of their order coming up. Young walks and now Astro-killer Blalock is coming up. Jimy’s not going to risk having Weathers pitch to Blalock, so he brings in Miceli. The capacity crowd at the Juice Box is in deep prayer.
Deep gulp. Blalock fouls out to Ensberg. Stros maintain their 10-8 lead.
A hyperactive Juice Box crowd is now doing the wave. Gotta work off that excess energy before the fireworks show.
Frank Francisco is now pitching for the Rangers and he faces the punchless Bags, who either gets a single, grounds out, walks, or strikes out these days. He strikes out this time. Francisco then fans Hero Ensberg on three smokin’ fastballs, the slowest of which was 96 mph. Everett fouls out to first. Stros take their 10-8 lead into the top of the ninth. Hold on to your seats.
Miceli still pitching for the Stros as Soriano leads off the ninth. 3-2 count. Foul ball. Soriano bloops out to Berkman. Teixeria is up, and he laces the first pitch to right for a single. Mench is up with one out and a man on first. Mench flies out to Berkman. Two outs, Miceli vs. Young. The Juice Box crowd is up. Young singles hard to left. Rod Barajas bats for Ardoin with runners on first and second. The Juice Box crowd is still up. Miceli gets up 1-2, the Juice Box crowd is howling. Foul ball.
Whiff! Stros win 10-8! It’s time for fireworks. That’s it from the Juice Box. Over and out.

Do artificial sweeteners make us fat?

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Dr. Rangel has insightful comments on the recently published study linking artificial sweeteners with obesity in rats.

B of A settles Enron claims

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This NY Times article reports on yesterday’s announcement that Bank of America Corp. is the first bank defendant to settle claims against it in the Enron Corp. class-action lawsuit alleging that some of the country’s top banks and securities firms and two law firms participated in a scheme with Enron’s top executives to deceive shareholders.
B of A tentatively agreed to pay $69 million to investors who suffered billions of dollars in losses as a result of Enron’s collapse during late 2001. The lead plaintiff in the lawsuit — the Regents of the University of California — lost nearly $150 million alone in regard to its investment in Enron.
According to a prepared statement, B of A denied that it “violated any law,” in connection with Enron and stated that it was making the settlement payment “solely to eliminate the uncertainties, expense and distraction of further protracted litigation.”
Inasmuch as B of A was a relatively small-scale player in Enron’s financial dealings and was not accused of fraud in the lawsuit, the settlement agreement indicates that other banks and securities firms that were more involved with Enron will have to dole out much more to settle the litigation claims against them. Financial firms still involved in the lawsuit include Merrill Lynch & Co.; Credit Suisse First Boston; Deutsche Bank AG; Canadian Imperial Bank of Commerce; Barclays PLC; Toronto-Dominion Bank; and Royal Bank of Scotland PLC. So far, the only other firm to settle in the lawsuit is Andersen Worldwide SC, the Swiss organization that oversees Andersen Worldwide’s independent partnerships, which settled in 2002 for $40 million.