PNC Financial Gets Nod for $6.1 Million BBVA 401(k) Settlement

PNC Financial Services Group Inc. received preliminary approval for a $6.1 million class settlement resolving litigation over the conservative investment strategy of a retirement plan sponsored by a Spanish banking subsidiary acquired by PNC in 2021.

The deal, which is expected to benefit about 27,000 people previously covered by the 401(k) plan of BBVA Compass Bancshares Inc., represents about 8% of the plan participants’ maximum potential damages. It allows class members who participate in the PNC retirement plan to receive payouts in their plan accounts, while class members without active accounts will receive individual checks, according to the settlement ...