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PNC Ducks Suit For Good Over Alleged Role In $75M Scheme

By Sarah Jarvis (December 17, 2021, 2:32 PM EST) — An Illinois federal judge has permanently tossed all claims leveled against PNC Bank, while limiting some claims against Heartland Bank, in a suit brought by a group of investors alleging the banks aided and abetted a $75 million Ponzi scheme.

U.S. District Judge Sara L. Ellis said in a Wednesday opinion that an amended complaint brought against Illinois-based Heartland and PNC Bank NA, a subsidiary of Pittsburgh-based PNC Financial Services Group Inc., doesn’t cure the deficiencies the court identified when it tossed all the investors’ initial claims against PNC in February. Those claims are now dismissed with prejudice, per Wednesday’s opinion….

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