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PNC Ducks Suit Over Alleged Role In $75M Ponzi Scheme
Law360 (February 10, 2021, 9:25 PM EST) An Illinois federal judge has tossed all claims leveled against PNC Bank and some claims against Heartland Bank in a suit brought by two investment firms and a Pennsylvania man alleging the banks aided and abetted a $75 million Ponzi scheme.
U.S. District Judge Sara L. Ellis said in a Tuesday opinion that allegations brought by PLB Investments LLC, A.S. Palmer Investments LLC and John Kuehner do not support an inference that PNC Bank NA, a subsidiary of Pittsburgh-based PNC Financial Services Group Inc., allowed the company Today s Growth Consultant Inc. and owner Kenneth Courtright to misappropriate investor funds knowingly or.