The suit against Black Hills Federal Credit Union and CUNA Mutual regarding an alleged unauthorized change in credit life disability insurance rates has been remanded by the South Dakota Supreme Court back to the lower court to be tried as a class action suit.
The original complaint stated that the insurer improperly raised credit disability rates on a closed-end home equity loan secured by Edward D. and Kathy L. Thurman in October 1995, and similar loans sold to other borrowers by BHFCU.
The lawsuit alleges that CUNA Mutual and the credit union wrongfully switched the credit disability insurance policies of 4,461 borrowers without adequately notifying the borrowers of the change, according to court documents.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 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.
