PNC Settles Class Suit for $30M
NU Online News Service, Nov. 22, 12:20 p.m. EST?PNC Financial has agreed to a $30 million settlement to resolve a class action investor lawsuit that accused the company of using improper insurance contracts to hedge against volatile earnings, according to terms of a settlement announced on Tuesday.[@@]
Insurers for PNC will place the money in a settlement fund while American International Group Inc. will pay an additional $4 million to the fund.
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