BB&T's Fake Docs Led To Insurer's Takeover, Suit Says

Law360, Miami (April 2, 2013, 9:23 PM EDT) -- Florida-based First Commercial Holdings Group Corp. on Thursday sued North Carolina bank Branch Banking & Trust Co. for allegedly misrepresenting the value of FCH's accounts at the bank, which led to the seizure of FCH's insurance unit by regulators.

In a suit filed in Miami, FCH accused BB&T of producing fake documents showing the book and market values of custodial accounts holding the assets of FCH's insurance unit, First Commercial Insurance Co. Because of the false documentation, the insurer fell out of compliance with state regulations...
To view the full article, register now.