Banking

Bank Seeks to Dismiss Lawsuit by Alleged Ponzi Scheme Victims

PNC Bank has asked a federal judge to throw out a lawsuit brought by victims of William Apostelos’ alleged Ponzi scheme. The class action lawsuit filed by Dr. Rafael M. Cruz, Dr. Gloria Cruz and Dr. Rafael F. Cruz in Dayton’s U.S. District Court seeks at least $30 million in damages. The suit alleges that PNC Bank missed red flags that Apostelos used his accounts in a suspicious manner.


Local Banks Say Arbitration Often Not Required, Rarely Used – Business

A new federal rule that would give bank customers greater ability to participate in class-action lawsuits drew criticism from the industry, but local community banks aren’t much worried. Small bank officials say their scale and more folksy approach keeps them out of court more effectively than crimping the rights of their customers in small print. The Consumer Financial Protection Bureau wants …