Teamsters Local 272 Labor and Management Pension Fund, New York, filed a federal class-action lawsuit against PNC Financial Services Group, said Christopher Lometti, a partner in the law firm of Schoengold & Sporn, which represents the $120 million pension fund. The suit, filed in U.S. District Court in Pittsburgh, claims the firm released false and misleading financial statements. Mr. Lometti said several Taft-Hartley plans will join the lawsuit; he would not release any names, saying none of them are ready to come forward yet.
In January, PNC revised its 2001 financial results downward after the Federal Reserve questioned some of the companys accounting practices, which triggered a wave of shareholder lawsuits. Last month, PNC cut its 2001 results again, blaming a bookkeeping error.
The Teamsters suit was on behalf of all those that purchased PNC stock between July 19 and Jan. 29.