Fifth Third Goes After Brooke Insurance Agents

Law360, New York (December 2, 2009, 1:21 PM EST) -- Fifth Third Bancorp is seeking the repayment of more than $9.5 million in notes issued by an arm of scandal-ridden insurance company Brooke Corp. that 16 independent insurance agencies used to finance their franchises.

In a lawsuit filed Tuesday in the U.S. District Court for the District of Kansas, Fifth Third claimed that it can collect on those notes, plus interest and other collateral the independent insurance agencies posted to Brooke, as part of a December 2007 purchase of more than $142.6 million in debt securities...
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