March 13, 2024
PNC Bank NA is not entitled to coverage by a group of excess insurers for a $106 million judgment it incurred in an underlying lawsuit alleging the bank's predecessor mismanaged funeral trust accounts, a Pennsylvania federal judge ruled Wednesday, saying the policies' exclusions bar coverage in this case.
September 12, 2022
A group of excess insurers told a Pennsylvania federal court that coverage isn't owed to PNC Bank for a $106 million judgment it incurred in an underlying lawsuit alleging the bank's predecessor mismanaged funeral trust accounts, arguing coverage isn't extended to the predecessor before the policy period.