PNC Signs $6.1 Million Deal to End BBVA 401(k) Investments Suit

PNC Financial Services Group Inc. will pay $6.1 million to resolve litigation over the conservative investment strategy of a retirement plan sponsored by a Spanish banking subsidiary acquired by PNC in 2021.

The settlement, announced Tuesday in the US District Court for the Northern District of Alabama, is expected to benefit about 27,000 people previously covered by the 401(k) plan of BBVA Compass Bancshares Inc. It allows class members who participate in the PNC retirement plan to receive payouts in their plan accounts, while class members without active accounts will receive individual checks.

The $6.1 million settlement is nearly …