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By Chris Bruce
Feb. 29 — The U.S. Supreme Court today turned away PNC Bank's plea to reconsider the certification of a nationwide class of plaintiffs who claimed the bank helped to disguise a predatory lending scheme.
The justices, in a brief order, let stand a July 29, 2015 decision by the U.S. Court of Appeals for the Third Circuit, which upheld a district court's order that certified a general class and five nationwide subclasses of plaintiffs .
The plaintiffs variously claimed a Virginia-based bank that PNC acquired in 2007 violated the Real Estate Settlement Procedures Act, the Home Ownership and Equity Protection Act, the Truth in Lending Act, and the Racketeer Influenced and Corrupt Organizations Act.
PNC spokesman Fred Solomon declined to comment on the order in a Feb. 29 e-mail to Bloomberg BNA.
Justice Samuel Alito took no part in consideration of PNC Bank's petition.
In other action, the court also denied a petition to review an unpublished April 28, 2015 ruling by the Eleventh Circuit that upheld the Federal Deposit Insurance Corporation's right to sue a title insurance company after the FDIC as receiver sold assets of a failed bank (First Am. Title Ins. v. FDIC, U.S., No. 15-cv-00611, cert. denied, 2/29/16).
The case involved an FDIC suit against First American Title Insurance Co. for losses the FDIC attributed to mortgage fraud against a failed bank.
First American said the right to sue belonged not to the FDIC, but to the bank that purchased the assets of the failed institution. The Eleventh Circuit upheld a district court that ruled for the FDIC.
First American did not immediately follow up on a telephone call by Bloomberg BNA seeking comment on the order. FDIC spokesman David Barr declined to comment.
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The Supreme Court's Feb. orders list is at http://src.bna.com/cWe.
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