BANKS

First Interstate Settles Suit Over Auto Insurance: First Interstate Bank of California agreed to pay $16.25 million to settle a class-action suit involving auto insurance overcharges. At issue were policies that lenders put into place to protect their collateral when auto purchasers fail to obtain timely insurance. Some customers alleged that FIB overcharged them for collision and comprehensive insurance placed on their vehicles. Denying wrongdoing, the bank said it settled to avoid a costly legal battle.