PNC Settles

PNC Financial Services Group (NYSE: PNC), a Pittsburgh-based diversified financial services organization, has announced the preliminary settlement of the securities class action pending against the company in the W.D. of Pa. The case arises out of transactions between PNC and AIG Financial Products in 2001 that allegedly helped PNC hide losses through the transfer of underperforming loans. The settlement is for $30 million, to be paid by PNC’s insurers. AIG Financial Products will contribute an additional $4 million to settle any potential claims brought against it by the plaintiffs.