US Bank Hits First American With Loan Insurance Suit

Law360, Washington (July 20, 2011, 5:22 PM EDT) -- U.S. Bank NA sued First American Title Insurance Co. in Minnesota on Wednesday claiming it improperly denied $24 million in U.S. Bank's claims under First American's FACT product, which was sold as insurance for banks on home equity loans.

First American introduced FACT in 2001 as an insurance product meant to benefit financial institutions when making home equity loans to consumers by allowing the lender to make faster lending decisions and simultaneously insuring the lender against the risk that such faster decisions might fail to uncover...
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