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The CUMIS Insurance Society agreed to pay $2.25 million to the $601 million Alabama One Credit Union to settle a civil lawsuit that claimed former executives allegedly violated both federal law and credit union policies by making business loans totaling more than $7 million on a sewer treatment plant that was worth $1.3 million.

CUMIS provided the insurance bond policy to Alabama One in Tuscaloosa to cover loan losses. However, Alabama One sued CUMIS last year after declining to pay the credit union’s insurance claim because CUMIS was unable to confirm whether the allegations made by the executives were true.

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Peter Strozniak


Credit Union Times

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