$22.5 Million
Amount the insurance affiliate of the Automobile Club of Southern California (the Interinsurance Exchange of the Automobile Club) will issue in refunds to approximately 120,000 policyholders to resolve lawsuits. The lawsuit was brought by The Proposition 103 Enforcement Project, a project of the non-profit Foundation for Taxpayer and Consumer Rights (FTCR), and Los Angeles resident Tracy Landers, for its alleged action in improperly surcharging previously uninsured drivers and others who could not demonstrate proof of prior insurance when they applied for coverage. The Exchange did not admit wrongdoing, but said in the interest of avoiding added legal expense and protracted litigation, it decided to resolve the actions for the benefit of its policyholders.
$11 Billion
Amount analysts at a mortgage watchdog firm say they have uncovered from more than 42,000 mortgage applications that contained significant misrepresentations of the borrowers’ income. The applications were from the first six months of 2007, and were reviewed by Interthinx, which is owned by insurance and risk services provider, ISO.
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