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Update (February 2011): The Court entered an Opinion and Order and the Final Order and Judgment approving the settlement on January 26, 2011. If the settlement becomes effective, the estimated date for distribution of Settlement Award checks is mid to late March 2011. To view a copy of the Opinion and Order and the Final Order and Judgment, click here.
The purpose of this website is to provide information to Class Members regarding the settlement that has been reached in this case, which is pending in the United States District Court for the Southern District of Ohio, Eastern Division.
The Lawsuit claims that, between February 16, 1992 and November 6, 2009, Named Plaintiffs and a class of similarly situated commercial borrowers were damaged by one or both of two alleged practices: first, by NCB’s allegedly incorrect daily adjustments to the one month LIBOR rate and, second, by NCB’s allegedly improper issuance of monthly billing statements in advance of loan payment due dates. PNC, as successor to NCB, denies those claims and believes it would have prevailed at trial. PNC denies that Named Plaintiffs are entitled to any relief of any kind.
You or your company may be a member of the proposed Settlement Class. Specifically, you or your company may be a person or an entity that is or was contractually obligated, directly or contingently, for payment of a commercial loan that was made or acquired by National City Bank and concerning which, during the period commencing on February 16, 1992 and ending on November 6, 2009, either (i) interest was due and payable based upon daily adjusted one month LIBOR rates charged by National City Bank, or (ii) National City Bank issued one or more monthly billing statements in advance of an applicable payment due date (each such loan, a “Settlement Class Loan”).
You have a right to know about a proposed settlement of the Lawsuit, and about your options, before the Court decides whether to approve the settlement. A Court approved Administrator will collect Claim Forms from persons like you so that persons who qualify may receive the Settlement Awards that the settlement provides if the Court approves the settlement.
This website explains the Lawsuit, the settlement, your legal rights, available benefits, who is eligible for them, and how to get them.
NOTE: National City Bank was merged with and into PNC Bank, National Association, effective as of the close of business on November 6, 2009.
This site provides the following information: