The $361 million Hudson Heritage Federal Credit Union is suing CUMIS Insurance for declining to pay a claim after the Middletown, N.Y.-based credit union was victimized by an auto loan fraud ring.
In April, May and June of last year, three men joined the credit union and were approved for loans to buy high-end used cars such as BMW and Bentley.
After the car loans, totaling nearly $135,000, went into default, Hudson Heritage FCU discovered it had been defrauded.
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