Regulators Enter Bank's Fraud Suit V. Transamerica

Law360, New York (February 4, 2010, 5:42 PM EST) -- Transamerica Life Insurance Co. and Clark Consulting Inc., targeted by Fifth Third Bank in a $506 million contract and fraud suit over the bank's losses stemming from life insurance products, have dropped their opposition to a bid by state regulators to intervene in a discovery fight.

Magistrate Judge Timothy S. Hogan on Wednesday ordered Michigan and Ohio financial regulators' filings in the “bank-owned life insurance” products case to be docketed in the U.S. District Court for the Southern District of Ohio.

In their filings, officials from...
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