WASHINGTON — PSCU Financial Services has won $2.4 million in a lawsuit against AIG after the insurer declined to pay identity theft claims totaling $1.6 million in losses.


After contracting AIG, the company was involved in uncovering a fraud ring that took over approximately 125 accounts, representing more than $1.6 million in losses. The total award represents the original judgments, attorney fees and costs.


"In this situation, we assumed responsibility for immediately covering all the losses for our credit unions and then submitted a claim to our insurance company," PSCU Financial Services President David J. Serlo said. "We feel that justice has been served and we are pleased that we have received full recovery for the losses due to the incident, as well as our attorney fees and other related costs."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.