National City Corp. Agrees to Pay $168M in Settlement with NY State Common
This week, New York State Common Retirement Fund, the lead plaintiff in a class action lawsuit against National City Corp., announced a proposed $168 million settlement.
The lawsuit was initially filed in 2008. Investors claimed that National City Corp., one of the largest financial holding companies in the nation, misrepresented key facts about its business to investors, including facts such as the quality of its loans, the extent of its exposure to risk from the subprime market, and the severity of its losses.
"This is a good result for the Fund and the more than one million Fund members who rely on these investments," said State Comptroller Thomas P. DiNapoli. "And it sends a message that we will always fight to protect the best interests of our members."
National City, which is now owned by PNC Financial Services Group, has agreed to pay the $168 million, but has not admitted to any wrongdoing. U.S. District Judge Solomon Oliver Jr. in the Northern District of Ohio is expected to make a preliminary ruling on the proposed settlement in the next few weeks.
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