The U.S. Attorney's office in Chicago reached an $11 million settlement with Corus Bankshares and one of its subsidiaries for defrauding the federal government by filing false insurance claims on defaulted student loans. Prosecutors say Corus Bankshares and Corus Bank failed to verify within 180 days that an attempt was made to contact the borrower before filing to collect from the government.
April 10, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. Attorney’s office in Chicago has reached an $11 million settlement with Corus Bankshares, Inc. and one of its subsidiaries for defrauding the federal government by filing false insurance claims on defaulted student loans.
Prosecutors say Chicago-based Corus Bankshares and Corus Bank, Inc. failed to verify over a required 180-day period that a process of contacting the borrower and collecting the money had been done before filing to collect the money from the government.
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