8th Circ. Picks Apart $289M PNC Insurance Scam Judgment

Law360, New York (August 17, 2017, 9:20 PM EDT) -- The Eighth Circuit largely freed PNC Bank NA on Thursday from a $289 million judgment it had been ordered to pay over its role in a life insurance scheme, with the appeals court saying the case proceeded on a faulty legal basis that wrongly allowed for nationwide damages.

The bank has fought to free itself from liabilities linked to the failure of National Prearranged Services Inc. and two affiliated life insurance companies, and it told the three-judge appeals panel that a lower court did nearly everything wrong in the lead-up to the massive judgment against it. The plaintiffs also appealed, saying U.S....

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