Siding with a group of state insurance guaranty associations represented by Reilly Pozner, a federal jury on Monday determined Monday that PNC Bank must pay $391 million in connection with an an alleged fraud scheme involving prepaid funeral services. PNC, which looked to Williams & Connolly to lead its defense, said it plans to appeal.
After a 23-day trial, jurors in St. Louis put PNC on the hook for $355.5 million in compensatory damages and $35.5 million in punitive damages. The verdict stems from PNC’s involvement—as successor to Allegiant Bank—in an alleged insurance scam run by a defunct company called National Prearranged Services that sold prepaid funeral contracts. The jury also ordered another defendant, funeral home and cemetery owner Forever Enterprises Inc., to pay $100 million.
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