Nebraska Sets Hearing into Grand Island Insurance, Lost $100 Million

A bankruptcy hearing has been scheduled for a Grand Island insurance agency under investigation by the state.

First Americans Insurance Service filed for Chapter 11 bankruptcy protection on Jan. 12, claiming between $100 million and $500 million in liabilities. The filing lists more than 200 creditors, with the top 20 including mostly individuals and couples from Nebraska.

A hearing is schedule for Feb. 20.

Last week, Attorney General Jon Bruning authorized a Nebraska State Patrol investigation into First Americans and its three principals. The patrol is working with the departments of insurance and banking to piece together how more than $100 million disappeared.

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On the Net:

First Americans Insurance Service, http://www.fais.com