Business Services Industry
PNC to settle class action investor suit for $30 million.(News)(Brief Article)
Business Insurance, December, 2004 by PAREKH, RUPAL
Byline: RUPAL PAREKH PITTSBURGH-PNC Financial Services Group Inc. has agreed to pay $30 million to settle a class action lawsuit brought by investors claiming that the banking company used fraudulent insurance contracts to improve earnings statements. Pittsburgh-based PNC announced the settlement in a U.S.
Securities and Exchange Commission filing last week. The suit evolved out of a federal probe examining transactions between PNC and AIG Financial Products Corp., a unit of New York-based American International Group Inc., that in 2001 allegedly helped PNC hide losses through the transfer of $762 million worth of volatile, underperforming loans to three special-purpose entities. Under the terms of the settlement, which is subject to court approval,...
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