SOUTHFIELD, Mich. – Michigan First Credit Union has won over $5 million in damages against its former insurer Credit Union Mutual Insurance Society.
The jury, which took two and a half hours to deliberate, found that CUMIS breached its insurance bond with Michigan First when it refused to pay the credit union for losses resulting from hundreds of defaulted indirect auto loans that had been granted under the supervision of Michigan First's former vice president of lending.
Throughout the three-week jury trial, CUMIS maintained that Michigan First's losses were the result of its own reckless behavior and lack of oversight.
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