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After fraudsters used a stolen ATM/debit card to steal more than $380,000 from a member's account, TruStage denied Kinecta Federal Credit Union's claim because of the insurance bond's "plastic card/PIN" exclusion provision.
But the Manhattan Beach, Calif.-based credit union is suing TruStage, seeking payment of the claim, plus interest, alleging the Madison, Wis.-based company breached its insurance contract. Kinecta is seeking its case to be heard by a jury, according to court documents filed last week in U.S. District Court in Los Angeles.
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