Sunday, February 10, 2019

Black Hills FCU and CMFG Life Insurance Agree to Pay $3 Million to Settle Class Action Lawsuit

Black Hills Federal Credit Union (Rapid City, SD) and a Wisconsin-based insurance company, CMFG Life Insurance Company (formerly CUNA Mutual Insurance Society or CUMIS), have agreed to pay a total of $3 million to settle allegations that they improperly raised insurance premiums associated with 4,461 loans, according to the Rapid City Journal.

On May 1, 2013, I reported on the lawsuit (Read the blog post).

The proposed settlement, which is scheduled to be considered by a judge, would resolve the eight-year-old class action lawsuit.

CMFG Life Insurance’s parent entity is CUNA Mutual Financial Group Inc.

Read the story.

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