Court Says Conseco Must Pay $27 Million
Conseco Inc. was dealt another blow when a court upheld an arbitrator’s order that it pay nearly $27 million for violations of consumer protection laws by a company Conseco acquired.
The South Carolina Supreme Court made the ruling in a case that was argued in March.
The case affects 3,739 South Carolina customers with home-improvement or mobile-home loans in the mid-1990s from what was then Green Tree Financial Corp. Conseco bought Green Tree in 1998, two years after the dispute began.
Conseco Finance was ordered to pay about $20.1 million to the clients affected, plus $6.7 million in legal fees and consumer expenses.
Conseco couldn’t be reached for comment.
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