The New York State Common Retirement Fund is looking to settle a $168 million lawsuit against National City Corporation (NCC), Reuters reports. The complaint by the pension fund alleged that the firm had misrepresented the quality of its mortgages, home equity loans and the effect of its losses to investors. The firm has agreed to the settlement without admitting offense. During the period in question, NCC held more than $48 billion in residential real estate loans, adds Global Pensions.
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