JPMorgan's $300M Forced-Placed Deal Sets Up Domino Effect
By Bibeka Shrestha
Law360, New York (September 10, 2013, 9:30 PM EDT) -- JPMorgan Chase NA and Assurant Inc.'s $300 million settlement of a class action claiming they profited handsomely from high rates on forced-placed insurance policies will energize plaintiffs to pursue similar blockbuster deals at a time attorneys say force-placed actions are ripe for resolution.
Chase has agreed to dole out millions to settle the suit in Florida federal court as financial giants like Bank of America NA, HSBC USA NA, Citibank NA and Wells Fargo NA are dogged by similar putative class actions. Plaintiffs claim they were...