Financial Institutions (FISI) Settles Auto Lending Litigation
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Financial Institutions, Inc. Settles Auto Lending Litigation
March 10, 2025 4:05 PM EDTWARSAW, N.Y., March 10, 2025 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (NASDAQ: FISI) (the Company), parent company of Five Star Bank (the Bank), announced that it has settled civil litigation in connection with the Banks auto loan notification process.
The legal action, which had been pending in Pennsylvania state court since 2017, related to language in repossession notices issued between 2011 and 2021 to defaulting borrowers. The Company executed a settlement agreement in connection with the class action lawsuit on March 7, 2025, subject to Court approval. Accordingly, the Company is recording a litigation accrual in the Companys fourth quarter 2024... More
