TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

National City Corporation (NYSE: NCC) Investor Securities Class Action Lawsuit 08/26/2008

  • If you purchased shares of National City Corporation (NYSE: NCC), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
National City Corporation
Security
NYSE: NCC

Case Name
National City Corporation Shareholder Class Action Lawsuit 08/26/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Ohio

Class Period Begin
Class Period End
Settlement Notice
national_city_corporation_settlement_notice_9_2010.pdf
Settlement Proof
national_city_corporation_settlement_proof_9_2010.pdf
Filed Complaint
national_city_corporation_original_filing_edited_8_2008.pdf
You must register or login to receive notifications.

Click here to subscribe to National City Corporation.

Settlement Overview

Date Settled
Date Settled
Settlement Amount
$11,000,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

December 13, 2010 - The court approved the settlement including the plan of allocation, the attorneys’ fees and expenses, and dismissed the action with prejudice.
September 1, 2010 - The court preliminarily approved the settlement.

September 1, 2010 - Parties filed a stipulation of settlement.

February 24, 2010 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 12, 2009 - Lead plaintiff motions were filed.

November 9, 2009 - Defendants filed a motion to dismiss.

November 26, 2008 - The case was transferred to the U.S. District Court for the Northern District of Ohio.

August 26, 2008 - An investor in shares of National City Corporation (NYSE: NCC) filed a lawsuit in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida over alleged violations of Federal Securities Laws by National City Corporation.

According to the complaint the plaintiff alleges on behalf of shareholders who obtained National City Corporation common shares in connection with National City Corporation’s acquisition of Fidelity Bankshares Inc on January 5th, 2007, accusing National City Corporation of securities law violations.

On July 27th, 2006, National City Corporation announced that it had reached a definitive agreement for its acquisition of Fidelity Bankshares Inc where Fidelity stockholders could elect to receive $39.50 in cash or 1.0977 shares of National City Corporation common stock subject to allocation procedures that would allow 50% of the Fidelity shares outstanding to receive cash and 50% to receive stock. The lawsuit claims that National City Corporation and a number of individual defendants violated Sections 11 and 15 of the Securities Act of 1933, 15 U.S.C. Sections 77k and 77o. According to the complaint, the Registration Statement filed in connection with the Fidelity Acquisition contained materially misleading statements and omissions relating to:

(a) National City Corporation’s disclosures of billions of dollars of risky construction loans;
(b) National City Corporation’s classification of loans in its portfolio as nonperforming;
(c) the understatement of National City Corporation’s loan loss reserves and
(d) the misstatement of National City Corporation’s financial results.

Headquartered in Cleveland, Ohio, National City Corporation is a financial holding company that provides commercial and retail banking services throughout the United States.

national_city_corporation_original_filing_edited_8_2008.pdf
Date Settled