Huntington Reaches Tentative Settlement In Cadence Receiver Suit, Halting A November 4 Trial
The bank's quarterly report drops a $350 million damages demand, and the range of possible unaccrued losses edges down to $70 million.
Huntington Bancshares, the Columbus, Ohio, regional bank holding company, has tentatively settled a Louisiana lawsuit inherited from Cadence Bank, according to its 10-Q filed Tuesday. The trial that had been set for November 4 is stayed while settlement papers are prepared.
A trial date wiped off the calendar
The filing puts every court date and deadline on hold until the deal is final.
The prior quarter's 10-Q described a receiver seeking approximately $350 million in compensatory damages plus punitive damages, with trial set for November 4, 2026. It also noted a hearing on punitive damages before a Louisiana appeals court set for August 4. Those passages are gone from the new filing, and no settlement amount appears.
The aggregate range of reasonably possible losses above amounts already accrued fell to $0 to $70 million at September 30, 2026, from $0 to $75 million at June 30.
How Huntington came to own the case
Huntington completed its acquisition of Cadence Bank on February 1, 2026, with total consideration of about $8.3 billion and $51.3 billion of assets acquired. The lawsuit came with it, so any settlement would be paid by Huntington as Cadence's acquirer.
The suit stems from an $8 million Main Street Lending Program loan Cadence made in November 2020. Last quarter's filing said Cadence has consistently denied wrongdoing; that language no longer appears.
The bank around the lawsuit
Huntington provides consumer and commercial deposit, lending, payments, mortgage, investment management and insurance services. It operated approximately 1,400 branches in 21 states at September 30, 2026. For the third quarter it reported net income attributable to Huntington of $721 million, or $0.33 per diluted share, against $629 million, or $0.41, a year earlier, with the share count swollen by the Cadence and Veritex deals.
The company's market value was $31.8 billion as of Tuesday's report.
Because the trial date is stayed, a later filing will show whether the settlement was finalized and what amount, if any, Huntington booked.
Sources
- 10-Q Filing — Huntington Bancshares (HBAN) — SEC EDGAR
- 10-Q Filing — Huntington Bancshares (HBAN), Q2 FY2026 filed 2026-07-28 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, hban20260930_8kex991.htm) — Huntington Bancshares, filed 2026-10-22 — SEC EDGAR
- 8-K Filing — Huntington Bancshares, filed 2026-10-22 (Items 8.01, 9.01) — SEC EDGAR
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