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| 2004
News and Press Releases |
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SETTLEMENT "OR" DISMISSAL:
Shareholders In PNC Financial Services Must Wait For Possible
Settlement Funds
By: Patricia Sabatini
Pittsburgh Post-Gazette (KRTBN). January 6, 2004
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EXCERPT: Shareholders of PNC Financial Services Group who are wondering if they're entitled to a piece of the $90 million shareholder restitution fund set up as part of PNC's settlement with the government over securities fraud charges are being told to sit tight. The Philadelphia attorney administering the fund said yesterday that he wouldn't know who's eligible for compensation or how much they'll get until litigation over the matter, including a class action lawsuit, is settled. "This may be a lengthy process," said Louis Fryman, chairman of Fox Rothschild LLP. The restitution fund was established to settle claims stemming from accounting maneuvers PNC used to artificially inflate profits in 2001. PNC's stock price plunged after regulators forced the company to reverse the moves and restate profits. A consolidated class action complaint, filed in U.S. District Court in Pittsburgh, covers purchasers of PNC stock between July 19, 2001, and July 18, 2002. Employees with stock in PNC's 401(k) savings plan are being represented by Independent Fiduciary Services Inc., of Washington, D.C. Fryman said shareholders entitled to restitution didn't have to take any action to be included in the settlement, but that anyone with concerns or questions could write to him at 200 Market Street, Tenth Floor, Philadelphia, PA 19103-3291.
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