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Bank sues under CPL after discovering fraud
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Court Report
Monday, April 21, 2014
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After discovering it lost $7 million on loans secured under a fraudulent property flipping scheme, a bank went after several parties, including the title agents who closed the transactions and the title insurer. The bank sued, asserting claims against the agents for breach of closing instructions and claims against the title insurer for breach of the closing protection letter. The bank eventually appealed the case to the Court of Appeals of Michigan on a trial court’s dismissal of one of the agents and the title insurer.
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