Fifth Third Bank complained Cedar Rapids insurers
Des Moines, Iowa (AP) - 1, is a Ohio’s largest banks complain Cedar Rapids of life insurance companies for allegedly neglecting to do anything, it could prevent the bank from loss over $ 300 million on life insurance.
Fifth Third Bank the complaint filed Thursday in Federal Court, Cincinnati, Ohio, against Transamerica Life Insurance and Clark Consulting.
Trans America and Clark are the business units of Aegon NV, a Dutch insurance and financial services, including the giant North American operations are headquartered in Cedar Rapids.
Fifth Third accuses the company, are not manage more than $ 612 million of the Bank pay-backed investments in insurance policies known as the Bank Owned Life Insurance.
The Bank wants more than $ 323 million in losses on investments, according to a report published in the Cincinnati Enquirer.
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