First American Cuts Down US Bank's Loan Insurance Suit

Law360, New York (January 23, 2012, 8:30 PM EST) -- A Minnesota federal judge on Monday tossed most of U.S. Bank NA's suit claiming First American Title Insurance Co. improperly denied $24 million in the bank's claims under a product sold as insurance for banks on home equity loans.

The litigation centers on an insurance product known as FACT, introduced by First American in 2001. FACT is designed to allow lenders to make faster decisions regarding home equity loans to consumers, while simultaneously insuring lenders against the risk that faster decisions might fail to uncover problems,...
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