A federal appeals court has ruled that PNC Bank’s excess insurer is not on the hook for covering the $102 million settlement—which includes $30 million in attorney fees—that the bank reached with plaintiffs in an overdraft class action.
The U.S. Court of Appeals for the Third Circuit on Monday affirmed in part and vacated in part the district court’s ruling denying PNC coverage for settlement but ordering that Axis Insurance Co. pay coverage for the $30 million portion of that number awarded for attorney fees. The circuit court affirmed the lower court’s denial of coverage for the settlement and vacated the lower court’s ruling that the $30 million slated for attorney fees could be covered. The ruling leaves PNC with no coverage for any of the settlement amount or attorney fees.
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