FirstMerit Settles Lawsuit With Matthew L. Fornshell, the Receiver for Joanne and Alan Schneider

FirstMerit Corporation FMER and Matthew L. Fornshell, in his capacity as Receiver for Joanne and Alan Schneider, today announced a settlement of Mr. Fornshell's lawsuit against FirstMerit Bank, N.A. The lawsuit relates to the collapse of an alleged Ponzi scheme orchestrated by the Schneiders. As part of the scheme, the Schneiders illegally sold investors promissory notes guaranteeing annual interest as high as 18%. Following an investigation by the Ohio Division of Securities, and the subsequent collapse of the Schneider's scheme, Mr. Fornshell was appointed Receiver for the Schneiders and the companies they owned. Mr. Fornshell's lawsuit against FirstMerit Bank, which was commenced in the Court of Common Pleas of Cuyahoga County, Ohio, in May 2006, arises out of Alan Schneider's business checking account at the bank, into which investors' checks were deposited and from which certain investors received payments.