NatCity Inks $168M Settlement With NY Pension Fund

Law360, New York (August 8, 2011, 9:52 PM EDT) -- National City Corp. has agreed to pay New York's pension fund $168 million to settle a securities fraud class action in Ohio accusing the financial holding company of misrepresenting the quality of mortgage loans behind securities, state Comptroller Thomas P. DiNapoli announced Monday.

DiNapoli, the sole trustee of the $146.5 billion New York State Common Retirement Fund, was a lead plaintiff in a 2008 class action against Cleveland-based National City. The suit accused the company of hiding the total amount of its subprime loans by $10...
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