New York, NY: A $300 million settlement has been reached in a federal class action lawsuit pending against JPMorgan Chase & Co, and Assurant. The lawsuit alleged the defendants were overcharging homeowners for forced-placed insurance.
Under investigation by attorneys representing the plaintiffs since 2010, the lawsuit was filed in June 2012 on behalf of borrowers with forced place insurance policies as of June 2008. The lawsuit alleged the banking and insurance firms enriched themselves by more than $1 billion over five years, by forcing insurance on homeowners who declined to purchase insurance themselves.
If approved, the settlement would see Chase and Assurant pay 12.5 percent cash refunds to class members who paid the premiums of the force placed insurance and a 12.5 percent credit to class members who were charged the premiums but never paid them. This applies even if the borrowers already lost their homes.
Additionally, Chase has agreed to stop allowing its insurance agents to collect commissions from making force-placed insurance policies.
The law firms representing the plaintiffs will share attorney fees and expenses paid by the defendants of no more than $20 million.
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Bank of America purchased my loan and raised my rent over $200 dollars and then told me I had to purchase $180,000 dollars worth of flood insurance and my house wasn’t worth even $100,000. I ended up getting behind on all my bills and it depleted everything I had in the bank. Needless to say after a year and a half I had to refinance my home through another bank but I waited too long and ended up losing my house right after. U would figure they should have to answer to all of us they did that too and if there was any settlement they should have to contact these victims, because I would like to be part of this settlement if it isn’t too late. Nobody is getting what they deserve. What relief? That’s how Big Bro is gonna take his cut guaranteed, haven’t seen any lawyer commercials on tv about this situation I wonder how much JP Morgan and US Bank paid for that. Just horrible! Somebody please inform me where I can get a little piece of my life back and join this settlement or talk to a lawyer to make my own case.
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