Lawsuits seek to block National City sale

CLEVELAND, Dec. 6 (UPI) -- A flood of lawsuits has been filed seeking to prevent National City Corp. from becoming part of PNC Financial Services Group, court papers show.

The (Cleveland) Plain Dealer reported Saturday that about a dozen shareholder lawsuits have been filed in Cuyahoga County, Del., and in federal court.

In one case, Cleveland attorney and former Ohio Attorney General Marc Dann wants Cuyahoga County Common Pleas Court Judge Jose Villanueva to delay the sale.

"This is a community asset, a community treasure," Dann said. "All we're asking for is to take a breather."

Dann said he questions the low sale price and a clause that allows big investors, including Corsair Capital, to recoup all of their investment.

"There are so many questions about this deal," he said. "This deal does not make sense from a shareholder standpoint."

Dann said he hopes to have the suit certified as a class action. He said he at least wants to get a deal that's a better price for shareholders.

A separate lawsuit filed last week in U.S. District Court in Cleveland says National City and PNC filed a "false and misleading proxy statement" and that the board breached its fiduciary duty in its "frantic scramble to sell the company."