Class Says JPMorgan Made Them Buy Excessive Flood Coverage

Law360, New York (May 25, 2012, 7:07 PM EDT) -- A class of homeowners sued JPMorgan Chase & Co. affiliates JPMorgan Chase Bank NA and Chase Insurance Agency Inc. in New York on Thursday, accusing them of forcing homeowners to buy more flood insurance than they needed.

Chase Bank, as the loans' servicer, has forced homeowners with mortgages it services too buy more flood insurance than the government or their actual lenders require or than is necessary to protect the lender's interest in the unpaid principal loan balance, the complaint alleges.

"Nevertheless, Chase Bank has engaged...
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