Court Approves $36.6M PNC Financial Settlement

Law360, New York (July 17, 2006, 12:00 AM EDT) -- A district court judge has finalized the remaining $36.6 million settlement between PNC Financial Services Group and its shareholders, closing the book on a class action suit filed in the wake of a $762 million accounting scandal at the company.

Judge David Cercone’s approval of the settlement brings an end to four years of litigation between PNC and its shareholders.

While the payment will settle the case against PNC, claims against the company’s auditor, Ernst & Young, and against several officers and directors, are still active....
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