Fifth Third, BofA Got Reinsurance Kickbacks, Suits Say

Law360, New York (April 6, 2012, 6:31 PM EDT) -- Fifth Third Bank NA was hit with a putative class action Friday alleging it reaped millions of dollars in illegal referrals from private mortgage insurers, one day after homeowners brought similar kickback claims against fellow lending giant Bank of America NA.

The nearly identical complaints, filed in Pennsylvania federal court by the same collection of law firms, target an alleged widespread pay-to-play scheme in which top national banks referred homeowners to insurers in exchange for a cut of those customers' reinsurance premium payments.

From 2004 through...
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