JPMorgan's $300M Force-Placed Insurance Deal Gets OK
By Jeff Sistrunk
Law360, Los Angeles (October 4, 2013, 8:57 PM ET) -- A Florida federal judge granted preliminary approval Friday for a $300 million settlement between a class of homeowners and JPMorgan Chase NA and Assurant Inc. over their forced-place business insurance, which was allegedly over-priced due to kickbacks between insurers and lenders.
Approval of the settlement deal is contingent upon a final approval hearing before U.S. District Judge Federico Moreno, which is scheduled for Feb. 14. The judge preliminarily certified a nationwide settlement class of borrowers who were charged under Chase's hazard lender-placed insurance policy for residential...