PNC Financial Services Group Inc. agreed Thursday to pay nearly $4 million to settle a class action lawsuit by shareholders of Riggs Bank, a Washington institution that ran into legal trouble over suspicious transactions.
PNC agreed last month to acquire Riggs, stripped of the international ties that got the bank into trouble, for about $643 million in cash and stock.
The Pittsburgh company will contribute $2.7 million in cash into a settlement fund to be distributed to all public stockholders of Riggs, and another $1.1 million to attorneys who filed the class-action lawsuit. PNC took the lead on the settlement because of its proposal to buy Riggs.
For this complete story, please visit PNC Settles Riggs Bank Shareholders Lawsuit.
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