Fifth Third complained to recover $ 323M in investments
Fifth Third Bank, in the costume of the Federal Court in Cincinnati, more than $ 323 million of investment losses insurance said they were poorly Transamerica Life Insurance Co. and his advisers Clark Consulting Inc. in Dallas.
During a decrease of 7.6 per cent of the outcome of last year, the largest bank in Cincinnati zahlungsmittelwirksamen not an effort of 155 million dollars to save the insurance fund because of lack of liquidity in asset-backed securities market, which reduces the value of investments from life insurance policies for its employees.
In the complaint filed Thursday, Fifth Third says, Trans America, whose headquarters is in Cedar Rapids, Iowa, and Clark Consulting, two units of Aegon USA Inc., a financial services holding of society, not to manage and monitor over $ 612 million, the bank pay-backed investment policy known as Bank Owned Life Insurance (Bolivia) products.
Fifth Third six separate premiums paid to the Trans America for the four Boli policy they have purchased. The first four payments totalling over 500 million dollars were November and December 2004 and the last two payments totalling over $ 112 million were in mid-2005.
“Fifth Third remained under threat, given that the market value of assets invested in funds Falcon (the name of Boli investment) has collapsed in recent years,” says costume.
Fifth Third claims by the insurance company and its advisers do not use it in the policy that the bank would have been able to avoid losses.
A spokesman for the transaction America and Clark Consulting could not be reached for comment Thursday.
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