In 2001, PNC Financial Services Group Inc. attempted to remove $762 million in corporate debt from its balance sheet by selling loans to three partnerships it created with insurance giant American International Group Inc. The bad debt resulted in PNC inflating earnings in three quarters in 2001. Pittsburgh-based PNC has agreed to settle a class action lawsuit whereby more than 73,000 shareholders will receive about $36.6 million, or about $2,600 each. (Jul-18-06)
[CINCINNATI POST]
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