Michigan First Credit Union is entitled to $5 million in damages and another $2.7 million in interest from CUMIS Insurance Society Inc. in a case involving a wrongful denial of a fidelity bond claim, a federal court has ruled.
The May 24 ruling filed with the U.S. District Court for the Eastern District of Michigan at Detroit affirms a jury's decision in a 2009 trial.
The case originated in July 2003 when the $577 million Michigan First began offering indirect auto loans. A third-party administrator approved low-risk loans while higher risk applications were forward to the credit union for further review.
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