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District court orders PNC Bank to pay $102M over role in funeral insurance fraud

The U.S. District Court for the Eastern District of Missouri in July ordered PNC Bank NA and National City Bank to pay $72 million in compensatory damages, $15 million in interest, and $15 million in punitive damages for its role in an alleged funeral contract insurance scam.

The two banks intend to appeal the judgement.

A jury in March 2015 ordered PNC Bank, as successor of Allegiant Bank, to pay $391 million for failing to supervise the assets of National Prearranged Services, which offered prepaid funeral plans before its collapse. Allegiant Bank was the trustee from 1998 to 2004. Plaintiffs alleged National Prearranged Services misled them into thinking their funds would be placed in a trust and be backed by life insurance policies.

The U.S. Court of Appeals for the Eighth Circuit in October 2017 partially reversed the ruling, which limited the damages that can be awarded to plaintiffs. The appeals court otherwise affirmed the judgement and remanded the case back to the district court for further proceedings.