PNC Financial Services : agrees to settle home loan class-action suit for up to $70M
PNC Financial Services has agreed to pay up to $70m to settle a 12-year class-action lawsuit on home loans. The lawsuit, inherited when PNC Financial Services bought the Community Bank of Northern Virginia, deals with the alleged excessive fees for unfulfilled services that affected customers who took out secondary home loans. It also alleged that the bank paid kickbacks to a mortgage broker firm that directed business its way.
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