Credit Union Fights Back In Subprime Auto Loan Spat

Law360, New York (October 20, 2009, 7:02 PM EDT) -- The Credit Union of Texas has fired back in Lyndon Property Insurance Co.'s suit for indemnification from over $6 million in claims on insurance policies covering subprime auto loans, claiming the insurer actually owes CUT over $12.5 million in first-party insurance benefits.

“This case concerns an insurance company‘s gross misconduct in underwriting and marketing insured subprime auto loans packaged with unified loan administration and insurance claim services; and processing and handling insurance claims,” CUT said in the answer and counterclaims filed in the U.S. District Court...
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