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Case Status:    SETTLED
On or around 12/13/2010 (Date of order of final judgment)

Filing Date: September 26, 2008

This action was originally filed in the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, and removed to the U.S. District Court for the Southern District of Florida on September 26, 2008.

According to the original filing in state court, This is a securities class action brought on behalf of all current and former National City shareholders who acquired National City common stock pursuant to and/or traceable to National City's registration statement filed with the SEC in connection with the Fidelity Acquisition (the "Registration Statement"). The Registration Statement contains materially misleading statements and omissions in violation of the Securities Act of 1933 (the "Securities Act").

The Complaint alleges that the Registration Statement filed by National City and signed by each of the Defendants included untrue statements of material fact and omitted to state material facts necessary in order to make the statements made, in light of the circumstances in which they were made, not misleading. The Complaint alleges that Defendants failed to disclose, and made false and misleading statements about: the quality of National City's loan portfolio; the length of the period after which National City would declare loans non-performing; and the adequacy of
National City's loan loss reserves. The Complaint alleges that false or misleading statements in the Registration Statement distorted the financial condition of the Company at the time of the Fidelity Acquisition.

On December 1, 2008, by the Order from the Judicial Panel on Multidistrict Litigation, the case was transferred to the Northern District of Ohio re: MDL # 2003 for consolidated pretrial proceedings. The case is under docket 1:08-nc-70015.

On November 9, 2009, the defendants filed a motion to dismiss the complaint. A few days later the plaintiff filed a motion for appointment lead plaintiff and approval of lead plaintiff's selection of counsel. On February 24, 2010, Judge Solomon Oliver Jr. granted the plaintiff’s motion and appointed B. H. Reagan as lead plaintiff and approved the lead plaintiff’s selection of Berman DeValerio as lead counsel for the class.

Before any ruling on the defendants’ motion, the lead plaintiff filed a Stipulation and Agreement of Settlement on September 1, 2010. According to the Stipulation, the proposed settlement with the defendants is in the amount of $11 million. The settlement was preliminarily approved the same day. On December 13, 2010, the settlement was finally approved. The action is now dismissed with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NCC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Ohio
DOCKET #: 08-CV-81078
JUDGE: Hon. Daniel T. K. Hurley
DATE FILED: 09/26/2008
CLASS PERIOD START: 09/18/2006
CLASS PERIOD END: 09/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
No Document Title Filing Date
COURT: N.D. Ohio
DOCKET #: 08-NC-70015
JUDGE: Hon. Daniel T. K. Hurley
DATE FILED: 12/11/2008
CLASS PERIOD START: 09/18/2006
CLASS PERIOD END: 09/26/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
No Document Title Filing Date