KeyCorp to get $279 mln from Swiss Re for leases

Newswire

NEW YORK, Feb 20 (Reuters) - KeyCorp , a large Midwest U.S. bank, said on Tuesday Swiss reinsurer Swiss Re will pay it $279 million to settle a federal lawsuit over automobile leases, resulting in a one-time gain. KeyCorp said the Feb. 13 settlement relates to insurance coverage of the residual value of the leases. KeyCorp said Swiss Re will pay it $50 million on March 15, and $229 million on June 29. KeyCorp said it will record a $17 million after-tax gain, or 4 cents per share, ...

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