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NY pension fund proposes $168M settlement | Crain’s New York Business#


NY pension fund proposes $168M settlement | Crain’s New York Business#.

 

(AP) – The New York state Common Retirement Fund has announced a proposed $168 million settlement of its securities fraud, class-action lawsuit against National City Corp. alleging misrepresentations to investors.

State Comptroller Thomas DiNapoli, trustee of the $146.5 billion fund and lead plaintiff, says the defendants agreed to the settlement but admitted no wrongdoing.

PNC Financial Services Group Inc., which bought Cleveland-based National City in 2008, declined to comment.

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