Judge in Delaware approves settlement in shareholder lawsuit against National City

Settlement approved in National City investor suit

CLEVELAND — A Delaware judge has approved a settlement of a shareholders’ lawsuit against National City Corp.

Delaware Chancery Court Judge William Chandler III on Friday awarded the shareholders’ attorneys $400,000, one-third of what they originally sought.

Investors claimed that National City breached its duties to shareholders by proposing to sell the Cleveland bank to PNC Financial Services Group Inc. at a reduced price of $5.2 billion.

PNC eventually bought National City for $5.6 billion.

Investors dropped their claims in return for the release of more than 400 pages of documents that showed National City’s scramble to find a buyer. National City tried to keep the records sealed, but the court released them after newspapers and The Associated Press argued they should be made public.

Information from: The Plain Dealer, www.cleveland.com

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