Prudential Insurance

Baltimore, MD: (Mar-08-07) A lawsuit was filed by BCSB Bankcorp, Inc., the holding company for Baltimore County Savings Bank, FSB, against its insurance provider Prudential Insurance. BCSB Bankcorp claimed that the insurance company was responsible for covering the losses the company incurred in a check kiting scheme perpetrated by a commercial deposit customer during the quarter ending June 30, 2006. In the settlement reached between the parties, the bank received a payment of $3.35 million as a recovery of a portion of its losses sustained. The bank continues to pursue collection of its check kiting losses, although further recoveries, if any, are expected to take an extended period of time to resolve. [PR NEWSWIRE: CHECK KITING]

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Published on Mar-8-07