PNC, Insurers Beat Suit Alleging Captive Reinsurance Scheme

Law360, New York (June 21, 2013, 12:55 PM EDT) -- A Pennsylvania federal judge on Thursday tossed a proposed class action alleging PNC Financial Services Group Inc. and several insurers created a captive reinsurance scheme where the lender received kickbacks for referring mortgage customers to the insurers, saying the suit's claims were filed late.

PNC and the insurers said the lawsuit — which was filed under the Real Estate Settlement Procedures Act of 1974 — missed a one-year filing window, but the homeowners who brought the suit said it should survive because the companies fraudulently concealed...
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