May 17, 2013 - The court ordered the authorization of the distribution of the net settlement fund.
November 30, 2010 - The court approved the settlement including approving the plan of allocation and granting the motion for attorneys’ fees and expenses.

August 19, 2010 - The court preliminarily approved the settlement.

August 18, 2010 - Parties filed a stipulation of settlement.

March 24, 2010 - Defendants filed a motion to dismiss.

February 19, 2010 - The lead plaintiffs filed a second amended complaint.

January 11, 2010 - Defendants filed a motion to dismiss.

November 12, 2009 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased National City Corporation (NYSE: NCC) 4.0% Convertible Senior Notes between January 23, 2008 and September 26, 2008. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between January 23, 2008 and September 26, 2008.

October 8, 2009 - Lead plaintiffs and lead counsel were appointed.

February 23, 2009 - Lead plaintiff motions was filed.

December 23, 2008 - An investor in National City Corporation (NYSE: NCC) 4.0% Convertible Senior Notes filed a lawsuit in the U.S. District Court for the Northern District of Ohio over alleged violations of Federal Securities Laws by National City Corporation.

According to the complaint the plaintiff alleges on behalf of all persons and entities who purchased National City Corporation 4.0% Convertible Senior Notes pursuant and/or traceable to National City Corporation's false and misleading Shelf Registration Statement and Prospectus Supplement issued in connection with the offering and who purchased National City Corporation 4.0% Convertible Senior Notes on the open market from January 23, 2008 and September 30, 2008.

The complaint alleges that the defendants misrepresented to investors the quality of approximately $20 billion of National City Corporation’s residential real estate loans and the sufficiency of National City Corporation’s reserves for the known risks of those loans. Such misrepresentations were contained in National City Corporation’s quarterly and annual reports, filings with the Securities and Exchange Commission, as well as the Prospectus Supplement, which was issued to investors in connection with the offering of the 4.0% Convertible Senior Notes on or about January 23, 2008.

As alleged in the complaint, National City Corporation engaged in undisclosed reckless lending practices, which consisted of, among other practices, providing inherently high-risk loans to non-creditworthy borrowers with minimal or no documentation of income and little or no collateral on the property.

Despite these reckless lending practices, defendants represented prior to and during January 23, 2008 and September 30, 2008, that National City Corporation’s residential real estate loans were prime quality, conforming loans that were made to borrowers in good credit standing, that National City Corporation had a strong capital position and was positioned to absorb probable losses inherent in National City Corporation’s loan portfolio.

As a result of National City Corporation’s imprudent lending practices, National City Corporation was ultimately forced to write-off billions of dollars of defaulting residential real estate loans and became the subject of regulatory scrutiny by the Office of the Comptroller of the Currency.

Investors began to learn the truth about National City Corporation’s actual lending practices and financial condition on March 14, 2008, when a Bloomberg News article reported that Moody’s had downgraded National City Corporation’s rating due to likely mortgage-related losses and noted possible future downgrades. Upon this news, the price of the 4.0% Convertible Senior Notes dropped $254.40 per Note, or 26%, from $981.30 per Note on March 13, 2008 to $726.90 per Note on March 18, 2008. Subsequent to that announcement, a July 16, 2008 New York Times article, entitled, “Seeing Bad Loans, Investors Flee From Bank Shares,” noted that despite National City Corporation’s $7 billion capital raise in May 2008 and assurances that its Tier 1 capital ratio ranked among the highest in its class, National City Corporation had lost nearly 90 percent of its value in the last year. Upon this announcement, the price of the 4.0% Convertible Senior Notes dropped an additional $164.50 per Note, or 21%, from $800.00 per Note on July 9, 2008 to $635.50 per Note on July 17, 2008. Shortly thereafter, a September 26, 2008 Reuters article, entitled “Wachovia, National City Shares Tumble on Bailout, WaMu,” reported a 40 percent drop in National City Corporation’s common stock upon investor concern regarding National City Corporation’s severe mortgage losses as regulators seized Washington Mutual Inc., with analysts characterizing National City Corporation as a “mortgage financing company at this point” and “likely either a candidate for FDIC seizure,” or “a candidate for a dilutive capital raise.” Upon this news, the price of the 4.0% Convertible Senior Notes dropped an additional $242.50 per Note, or 35%, from $695.00 per Note on September 25, 2008 to $452.50 per Note on September 30, 2008.

As a result of these and other corrective disclosures, the price of National City Corporation’s 4.0% Convertible Senior Notes fell a total of $607.70 per Note, or 57%, from the initial Offering price of $1060.20 per Note on January 29, 2008 to $452.50 per Note on September 30, 2008.