Class Seeks OK For $10M Deal With PNC Unit

Class Seeks OK For $10M Deal With PNC Unit - 3/3/2009

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2009 News and Press Releases

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News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Class Seeks OK For $10M Deal With PNC Unit
Julie Zeveloff

Securities Law 360. March 3, 2009
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EXCERPT: The lead plaintiffs in a consolidated securities class action that accused PNC Financial Services Group Inc. unit Sterling Financial Corp. of artificial stock inflation have asked a federal court to preliminarily approve a $10.25 million settlement on behalf of thousands of purchasers of Sterling stock. New Mexico Public Employees Retirement Association and State of New Mexico Educational Retirement Board lodged a motion for preliminary settlement approval on Monday in the U.S. District Court for the Eastern District of Pennsylvania, where the multidistrict litigation against Sterling and its former officers has been pending since 2007. Under the settlement, Sterling will pay $10.25 million into a settlement fund to benefit investors who purchased Sterling common stock between April 27, 2004, and May 24, 2007. The consolidated action will be dismissed upon final approval of the settlement, the plaintiffs' memorandum in support of approval said. In their memorandum, the plaintiffs urged the court to approve the settlement, writing that it satisfies the requirements for preliminary approval and is both fair and reasonable. They also asked the court to preliminarily certify the class for settlement purposes, noting that the class would number in the thousands, based on outstanding shares of Sterling stock and the trading volume of Sterling stock during the settlement class period. A representative for PNC said the company could not comment on pending litigation, and an attorney for the lead plaintiffs did not immediately respond to a request for comment on the proposed settlement on Tuesday. Starting in May 2007, nine separate proposed class actions were filed against Sterling in the Eastern District of Pennsylvania and U.S. District Court for the Southern District of New York.

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