A federal judge today certified a class action lawsuit against PNC Bank related to alleged involvement in predatory lending by a defunct bank that the Downtown-based lender acquired.
U.S. District Judge Arthur J. Schwab found that the roughly 22,000 class members who say they were wronged, from 1998 to 2002, by the Shumway/Bapst Organization -- which made high-interest loans to debt-laden homeowners -- are a legitimate class.
The loans were provided by the Community Bank of Northern Virginia, which was acquired by Mercantile Bankshares Corp., which is now owned by PNC.
In the 10-year-old case that has been the subject of multiple appeals, the plaintiffs claim that Community Bank of Northern Virginia violated numerous lending laws and operated as a racketeering-influenced corrupt organization. The judge wrote that the parties will now try to figure out how to notify all of the members of the class.
Rich Lord: firstname.lastname@example.org, 412-263-1542 or Twitter @richelord