October 5, 2017 / 9:13 PM / in 9 months

Appeals court says PNC not liable in Ohio Ponzi scheme

PNC Bank does not have to face a proposed class action accusing it aiding the perpetrators of a $70 million Ponzi scheme, a federal appeals court ruled, saying victims suing the bank did show that it violated the Ohio Securities Act.

In a decision on Wednesday, a three-judge panel of the 6th U.S. Circuit Court of Appeals said the victims failed to demonstrate how PNC aided in the sale of unregistered securities, the crux of their complaint.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2xUJDh9

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