$168 million securities fraud settlement proposed

Financial Crisis Posted on

The New York State Common Retirement Fund has announced a proposed $168 million settlement of its securities fraud class-action lawsuit against National City Corp. alleging misrepresentations to investors.

State Comptroller Thomas DiNapoli, trustee of the $146.5 billion fund and lead plaintiff, says the defendants agreed to the settlement but admitted no wrongdoing.

PNC Financial Services Group Inc., which bought Cleveland-based National City in 2008, declined to comment.

The suit alleges National City misrepresented the quality of its mortgages and home equity loans and the severity of its losses.

The settlement is expected to go before U.S. District Judge Solomon Oliver Jr. in the Northern District of Ohio for preliminary approval in the next few weeks, with all class members notified after that.


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