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6th Circ. Won't Revive Ponzi Victims' Suit Against PNC Bank

Law360, New York (October 4, 2017, 7:39 PM EDT) -- A Sixth Circuit panel on Wednesday affirmed an Ohio federal court’s dismissal of a proposed class action brought against PNC Bank NA by investors in a couple’s $70 million Ponzi scheme, finding that the investors’ allegations about the bank’s handling of the couple’s accounts weren’t enough to establish its liability as a participant in the scheme.

Gloria Cruz, Rafael F. Cruz and Rafael M. Cruz had accused PNC Bank of playing “an indispensable role” in the scheme orchestrated by William Apostelos and his wife, Connie, but...
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Case Information

Case Title

Rafael Cruz, et al v. PNC Bank, National Assn, et al

Case Number



Appellate - 6th Circuit

Nature of Suit

4370 Other Fraud

Date Filed

January 31, 2017

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