text: First Union National Bank of Fla. settles suit . JACKSONVILLE , Fla. 1996-08-28 First Union National Bank of Florida said on Wednesday it agreed to settle a class action law suit involving its collateral protection insurance ( CPI ) program . To provide for the settlements , First Union has established a common fund of $ 4.7 million for cash refunds and $ 19.4 million in credit refunds for outstanding CPI balances . The bank is a division of First Union Corp . The bank said most of the charges resulted from loan portfolios from banks and thrifts that were acquired in the 1980s . First Union said it has discontinued CPI as an element of its motor vehicle or boat installment loan contracts . As part of the settlement agreement , customers who had CPI placed on loans from January 1 , 1986 to September 31 , 1996 , will receive cash or credit refunds , the bank said . Cash refunds will go to those who paid their loans to First Union while credit refunds will go to those who have existing loan balances , the bank said .