force placed insurance lawsuit Archives

Force placed insurance settlement reached by Assurant and J.P. Morgan Chase

September 13, 2013September 10, 2013 Julie Campbell

The agreement that has been reached will require a payment of a total of $300 million to resolve the allegations. Assurant Inc. and J.P. Morgan Chase have now agreed to a settlement in a class action suit against them that will cause them to pay $300 million in order to resolve the allegations against them regarding force placed insurance selling. The claims against the companies had to do with a special type of homeowners coverage applied on behalf of the policyholders. The settlement that has been proposed is among the…

Forced place insurance lawsuit filed against Wells Fargo

July 16, 2012April 30, 2013

Bank accused of charging its mortgage clients inflated homeowners coverage premiums. A lawsuit has been filed against Wells Fargo Bank NA, which has accused the company of charging inflated force placed insurance premiums to homeowners who had allowed their coverage to lapse. The complaint stated that the inflated premiums are designed to cover kickbacks. The Fort Lauderdale, Florida federal court received the filing, in which homeowner Ira Fladell stated that “The premiums are inflated to cover kickbacks in the form of unearned commissions and bundled administrative costs not properly charged…