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