PNC Wants Insurers On Hook For Overdraft Fee Suits

Law360, New York (March 7, 2013, 1:54 PM EST) -- PNC Financial Services Group Inc. sued Houston Casualty Co. and Axis Insurance Co. in Pennsylvania federal court Wednesday, alleging the insurers unfairly refused to cover PNC's defense and indemnity costs in several class actions concerning its overdraft protection services.

PNC says it properly notified the insurers that it had been served with several class actions and has spent more than the $25 million retention limits required by each policy, but contends that HCC and Axis are relying on nonexistent coverage exclusions to avoid their payment obligations...
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