PNC Bank Challenges ResCap's $300M Mortgage Settlement

Law360, New York (August 15, 2013, 1:56 PM EDT) -- PNC Bank NA on Wednesday challenged a Residential Capital LLC unit's bid for approval of a $300 million settlement that would end a putative class action brought by mortgage loan borrowers, arguing that the deal would unjustly harm the bank.

The bank submitted a limited objection to a New York bankruptcy court, arguing that Residential Funding Co. LLC's proposed settlement included an unfair bar order that would enjoin PNC's right to contribution and indemnity without the bank's consent, a judgment reduction or other protections.

"The bar...
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