LOUISVILLE, Ky. Glenview Trust Co. announced Tuesday that it had agreed to pay PNC Financial Services Group Inc. $525,000 to settle a lawsuit in which Glenview officials were accused of conspiring to steal business from PNC.
Glenview, a private trust company founded by former employees of the Pittsburgh-based PNC, also agreed to return all physical business information that it had taken from PNC. In return, $67 billion-asset PNC has agreed to drop its suit, filed in March, and to return the copies of Glenviews computers and servers that were given to PNC in the suits discovery process.
The companies said they had decided to place to rest all further controversy between them.
PNC settled with seven Glenview employees as well as the company, whose chairman, J. David Grissom, became the chairman of Providian Financial Group in October. Mr. Grissom and the lead defendant, Ronald J. Murphy, established Glenview last January, less than a year after Mr. Murphy left PNC.
In its suit, PNC had claimed that Mr. Murphy violated a nonsolicitation agreement, and that all the defendants had conspired to steal business from PNC.
In a countersuit, which was also dropped, Glenview claimed that PNC was intentionally trying to interfere with the companys clients and operations.
