Federal Judge David S. Cercone in Pennsylvania has approved the balance that remained from a settlement of a class action stemming from PNC Financial Services Group's handling of $762 million in bad corporate loans, which resulted in stockholders losing money when they bought overvalued shares. More than 73,000 shareholders stand to recover a total of $36.6 million, based on the $193 million settlement and interest.
July 18, 2006 at 12:00 AM
1 minute read
A federal judge has approved the balance that remained from a settlement of a class-action lawsuit arising from a PNC Financial Services Group Inc. accounting scandal.
More than 73,000 shareholders stand to recover a total of $36.6 million, or about $2,600 each, based on the $193 million settlement and interest. Shareholders would get about 68 cents for each share owned.
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