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Truist countersues insurers in fight over $240 million Bickerstaff settlement - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Truist countersues insurers in fight over $240 million Bickerstaff settlement by Richard Sine Coverage Disputes , P/C Insurers Axis , Chubb , Truist Aug 26, 2026 A group of insurers led by a unit of Tokio Marine, a unit of Chubb, and Axis Insurance is facing a counterclaim from Truist Bank after suing the bank over coverage for a nearly $240 million class-action settlement. Truist filed its counterclaim Monday in the U.S. District Court for the Western District of North Carolina, Charlotte Division, in response to a declaratory judgment lawsuit the insurers brought against the bank in June. Truist is headquartered in Charlotte, North Carolina. The dispute centers on Bickerstaff v. SunTrust Bank , one of the longest-running class actions in Georgia state court history, according to a state court judgement. Jeff Bickerstaff Jr. alleged in 2010 that SunTrust Bank’s automated overdraft program — which advanced customers small amounts to cover purchases and then charged fees of up to $36 — amounted to an illegal extension of credit at usurious interest rates under Georgia law. SunTrust later merged into what is now Truist Bank. After 16 years of litigation that led to the state Supreme Court, Truist and the class agreed to a settlement worth up to $240 million. Truist said in the complaint it has already paid more than $100 million toward the settlement and its own defense and is seeking reimbursement from insurers that provided $125 million in excess bankers professional liability coverage for the 2009-10 policy period. Three of the seven insurers in the original suit — Tokio Marine’s U.S. Specialty, Axis and Twin City Fire Insurance Company, a unit of Hartford — argue Bickerstaff should be treated as the same claim as two earlier overdraft lawsuits which would push it into an earlier policy period. Truist says the two sets of claims allege fundamentally different conduct. The insurers also argue that the settlement does not qualify as damages under the policy, but rather as a refund of overdraft fees and interest that Truist collected improperly. The polices’ definition of damages excludes “fees, commissions, or charges for Professional Services or Lending Acts paid or payable to an Insured” and “principal, interest, or other monies either paid, accrued or due an Insured as the result of any loan, lease, or extension of credit,” according to the counterclaim. Truist countered that the policies’ “Damages” definition covers any “judgment,” “award,” and “award of pre- and post judgment interest, attorneys’ fees and costs.” It said that the $80 million in class counsel’s attorneys’ fees and $1.75 million in costs were court-ordered in the final judgment, not merely returned fees. Truist’s counterclaim seeks declarations that the settlement is covered, along with breach-of-contract and bad-faith claims against U.S. Specialty, Axis and Federal Insurance, a unit of Chubb. The primary insurer for the 2009-10 policies, Axa XL unit Indian Harbor Insurance, has agreed to pay its full $25 million limit and dropped out of the case. 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